David Fassbender

PGIM, the global asset management arm of Prudential Financial, has appointed David Fassbender as head of real estate for Asia-Pacific, effective July 1st.

Based in Tokyo, Fassbender will lead the firm’s real estate business in the region and spearhead its next phase of growth.

Fassbender succeeds Benett Theseira, who will retire following a distinguished 36-year career in real estate, including 15 years at PGIM. Under Theseira’s leadership, PGIM’s Asia-Pacific real estate platform expanded significantly into a team of 100 professionals across six markets, with a comprehensive suite of equity and debt strategies spanning the risk-return spectrum.

With 23 years of experience at PGIM’s real estate business, Fassbender has demonstrated strategic leadership in various senior positions, including head of Southeast Asia, head of Japan, and deputy head of Asia-Pacific. He brings deep insights into the Asia-Pacific region, a wealth of investment expertise managing both open- and closed-ended real estate funds, as well as extensive experience in asset management and transactions across all key markets in the region.

“David is an accomplished leader and investor, with strong business acumen and a clear focus on delivering for our clients”, said Cathy Marcus, co-head and global chief operating officer for real estate at PGIM. “His proven track record positions him well to advance our ambitions in the region and guide our investors through the next market cycle.”

Fassbender played a pivotal role in establishing and growing PGIM’s flagship fund series on Asia Pacific Value-Add ( AVP ) strategies, which is now in its 23rd year with the fifth closed-end fund in serial. Since 2003, the AVP team has completed over US$21 billion of transactions across nine markets, consistently delivering outstanding investment outcomes across market cycles.

In his new role, Fassbender will continue to oversee the fund series on AVP strategies as well as all real estate investment mandates across the region, with full support from a deep and long-tenured leadership bench in Asia-Pacific and the broader global investment teams.