PGIM Appoints David Fassbender as Head of Asia Pacific Real Estate, Effective July 2026

PGIM has named David Fassbender as head of Asia Pacific for its real estate business, the firm announced March 3, 2026. Fassbender, who will be based in Tokyo, assumes the role effective July 1, 2026, succeeding Benett Theseira, who is retiring after a 36-year career in real estate, including 15 years at PGIM.

Leadership Transition

Fassbender brings 23 years of experience within PGIM's real estate business, having previously served as head of Southeast Asia, head of Japan, and deputy head of Asia Pacific.

"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."

Raimondo Amabile, co-head and global chief investment officer for real estate at PGIM, acknowledged Theseira's contributions in a statement: "We are deeply grateful for Benett's exceptional leadership, which has set our real estate business on a solid and enduring path in Asia Pacific. Building on the world-class infrastructure, deep client network and robust product architecture, we look forward to further expanding our platform in the region."

Asia Pacific Platform Built Under Theseira's Tenure

Under Theseira's leadership, PGIM's Asia Pacific real estate platform grew into a team of 100 professionals operating across six markets, offering a range of equity and debt strategies spanning the risk-return spectrum.

Fassbender played a central role in establishing and growing PGIM's flagship Asia Pacific Value-Add (AVP) fund series, which is now in its 23rd year. The fifth closed-end fund in the series is currently active. Since 2003, the AVP team has completed more than US$21 billion in transactions across nine markets in the region.

Fassbender's Mandate

In his new role, Fassbender will oversee the AVP fund series as well as all real estate investment mandates across the Asia Pacific region. The firm said he will be supported by a "deep and long-tenured leadership bench" in Asia Pacific and PGIM's broader global investment teams.

Throughout his tenure at PGIM, Fassbender has managed both open- and closed-ended real estate funds, as well as asset management and transactions across key markets in Asia Pacific.

Sources:
PGIM Press Release – PGIM Appoints David Fassbender as Head of Asia Pacific for Real Estate (March 3, 2026)