Commonwealth Asset Management LP (“CWAM”) is a Los Angeles based asset management platform founded in June 2019 and led by Adam Fisher.
Adam was previously the Head of Global Macro and Real Estate at Soros Fund Management LLC (“Soros”) and the founder and CIO of Commonwealth Opportunity Capital GP LLC (“CWOC”).
CWAM collectively manages approximately $1.7bn in assets* and currently has 27 team members.
*AUM estimated as of March 2022 and is inclusive of Commonwealth Asset Management Holdings LLC and its affiliates, constituting "CWAM" or the "Firm"
CWAM focuses its investment activities within 4 main categories:
Over time, we have found these strategies to be complementary to one another and reflective of Commonwealth’s top-down macro-economic view, carefully developed investment philosophy and contiguity to technological innovation.
The CWAM team's extensive and varied experiences provide the foundation for the firm's capabilities.
Prior to establishing CWAM, Adam Fisher and a number of CWAM’s investment team members worked together as the core macro and real estate groups at Soros and CWOC. Collectively, the team has a dynamic and differentiated approach to alpha generation, focusing on value opportunities, progressive economic trends and deal sourcing.
CWOC was also founded and led by CIO Adam Fisher and offered two comingled hedge funds and multiple co-investment opportunities in both the liquid and illiquid space over its 9-year history.
CWAM’s investment philosophy is to identify the highest convexity opportunities across asset classes and pursue investments that capitalize on our unique capabilities and core values.
Leveraging our history and pedigree of alpha generation, we apply our core values of continued growth and learning to employ a consistent, disciplined and pattern-driven process that builds upon the team’s analytical abilities and network of relationships to focus on long term opportunities.
Meaningful, enduring and productive relationships are paramount to CWAM and we are committed to developing a genuine, multi-dimensional partnership with our investors.
Brevan Howard has been a trusted partner to Commonwealth since 2011 and is a strategic advisor to and minority owner of the CWAM platform.
Adam is the Founder and Chief Investment Officer of the CWAM Platform. Over the last 18 years, Adam has built and successfully led numerous investment management practices across both public and private markets. Prior to launching Commonwealth, from 2017 to 2019, Adam served as the Global Head of Macro and Real Estate at Soros Fund Management (“Soros”). Prior to joining Soros, Adam founded and served as the CIO of Commonwealth Opportunity Capital (“CWOC”), a global macro hedge fund, from its inception in November 2008 until it began the process of returning capital to investors in July 2017 when
the investment team moved to Soros. CWOC had approximately $2.3 billion AUM at its closing and 25 employees across 3 office locations.
The firm offered two comingled global macro hedge funds as well as multiple co-investment opportunities in both the liquid and illiquid space. Before CWOC, Adam co-founded Orient Property Group in 2006 focusing on investments throughout the Asia Pacific region and before that from 2003 to 2006, Adam co-founded Irongate Capital Partners (“Irongate”), a property investment and development firm. Irongate and its predecessor entity were involved in property transactions in Florida, California, Hawaii, Mexico, and Canada.
Prior to founding Irongate, Adam worked in New York for two private equity firms, NMS Capital and TD Capital, as well as a risk arbitrage firm affiliated with Reservoir Capital. He holds a JD/MBA from Columbia University and serves on the Columbia University Richman Center for Business, Law and Public Policy Advisory Board. He received his B.S. from Washington University in St. Louis.
David joined the CWAM Platform as a portfolio manager for the Global Macro business in June 2020. Immediately prior to joining the platform, David spent the last 8 years at Thiel Macro (“Thiel”) where he was the Chief Investment Officer. David joined Thiel in April 2012, and after serving as a Portfolio Manager subsequently became the CIO in December 2015. At Thiel, David served as the primary support role to the Fund’s President, Peter Thiel, in managing the majority of the Fund’s risk capital across all macro asset classes. In addition to his responsibilities coordinating the investment process and research effort across the firm, he also directly managed a multi-strategy investment portfolio, focused on macro and relative value themes.
Before Thiel, from April 2008 to April 2012, David was a USD interest rates swaps Trader at Goldman Sachs where he was an active market maker in interest rate derivatives and responsible for trading the entire yield curve and servicing a broad client franchise. David holds a BS in Mechanical Engineering from Massachusetts Institute of Technology.
Peter Rumbold joined CWAM in June 2019 and acts as the Head of Real Estate for Commonwealth Real Estate LP (“CWRE”) and oversees the firm’s real estate investment activities. Over the last 20 years, Peter has worked with several institutional firms, gathering experience across different phases and sectors of Real Estate investing. Peter’s unique combination of experiences informs CWRE’s differentiated approach to alpha generation, focusing on value opportunities, progressive economic trends and deal sourcing.
Before joining CWAM, from 2018 to 2019, Peter and Adam Fisher worked together at Soros Fund Management (“Soros”) to establish the firm’s direct real estate investment business. Prior to joining Soros, between September 2014 and June 2017, Peter served as the Head of Acquisitions at Winter Properties LLC (“Winter”), a 100-year-old owner, operator, developer and financier of commercial real estate assets throughout New York City. During his tenure there, he oversaw the origination of opportunistic debt and equity transactions, as well as the property and asset management of a portfolio of office and residential properties and mezzanine loans. Prior to Winter, between 2006 and 2014, Peter worked at Cerberus Real Estate Capital Management, LLC (“Cerberus”), where he was responsible for identifying, executing and managing opportunistic real estate investments across all asset classes and geographies and throughout the capital structure. Prior to joining Cerberus, Peter was part of the Acquisitions group at Sterling American Property, Inc. where he was responsible for the underwriting and execution of equity investments in the multifamily and office sectors. From 2002 to 2003, he worked in Investment Banking at Bear, Stearns & Co. Inc.
Peter graduated from Emory University with a B.A. in Economics and French.
Oliver Walters joined CWAM in August 2021 as the Chief Operating Officer. Before joining CWAM Oliver served as Deputy Chief Operating Officer at the Dalio Family Office where he was responsible for supporting the operational infrastructure at the investment and philanthropy-focused office. Oliver previously worked at JP Morgan from 2012 to 2020 as an operations leader within various divisions including: investment banking, risk management and wealth management; his final role was Global Head of Risk Business Management for Asset & Wealth Management.
During his time at JP Morgan he worked in Singapore, Hong Kong and New York. Prior to JP Morgan, from 2008 to 2012, Oliver held a variety of roles in Corporate Governance and Private Banking with Standard Chartered Bank in London, Dubai and Singapore. Oliver began his career in 2007 with The Bank of New York Mellon in London. Oliver completed 3 years of study in International Relations & Politics at Oxford Brookes University.
In 2008 CWOC was launched to capture opportunities in the macro landscape. 13 years later, our macro-economic views continue to influence idea generation and portfolio construction across the CWAM Platform.
CWAM’s Global Macro business aims to apply thoughtfully cultivated principles across multiple asset classes worldwide. Guided by a best ideas ethos and bias towards concentration, we have expanded our Global Macro offering to include access to our Digital Asset and Opportunistic Privates strategies.
We are committed to serving our clients’ needs in a multi-dimensional and collaborative manner and offer single and multi-strategy co-mingled investment funds as well as custom vehicles and co-investment opportunities.
The Real Estate business at Commonwealth (“CWRE”) targets opportunistic returns through large-scale platform and entity-level real estate transactions in the “GP” or “Operating Partner” position in sectors with strong secular tailwinds and idiosyncratic inefficiencies that can be harnessed through creative, long-term investment strategies.
CWRE’s approach to real estate investment is grounded in our top-down macroeconomic view. As a firm, we believe we are uniquely situated to leverage our macro research and tenured macro investment track record to inform our real estate investment decision-making.
Our investment approach is guided by 7 key principles:
At our core we are opportunistic investors without bias towards asset classes, industries or geographies.
We consider an intentionally broad and non-traditional cross section of investments, including:
- Operationally intensive asset classes.
- Asset classes that are experiencing a fundamental shift in demand.
- Highly fragmented sectors.
- Idiosyncratic opportunities with informational opacity.
- Asset classes with deeply-entrenched incumbents that have become complacent.
We orient our real estate investment process around the top-down views formed in our global macro business
CWRE’s research process begins by establishing a view on interest rates given the myriad of ways in which they impact the sector.
With that understanding we form a view of where we sit in the cycle, which informs the ratio of alpha and beta we seek in the portfolio.
The entire process is underpinned by the team’s extensive industry experience.
CWRE reviews a diverse array of investment opportunities across verticals.
Our current portfolio comprises investments in the Data Center, Soundstage, Logistics and Communications Infrastructure sectors.
Commonwealth is uniquely positioned with exposure to institutional global financial markets and industry-leading technological innovators.
CWAM’s Opportunistic Growth business aims to capture investment opportunities at the crossroads of macro and tech and is built upon the principle that technology and innovation will influence the future of the global economy. Commonwealth is active within the Digital Assets and Education Technology sectors.