Who is Aspen Funds?
EST. 2012 — KANSAS CITY
A multi-vertical alternative investment platform
$400M+
Investor Capital Managed*
$800M+
Assets Under Management*
$100M+
Investor Distributions Since Inception*
13+
Year Track Record
*As of May 2026
You can't predict waves.
Invest with the tide
Bob Fraser
Built across cycles, not around a single trade.
Aspen Funds was founded in 2012 by Bob Fraser and Jim Maffuccio in the aftermath of the Great Financial Crisis. What began as a strategy to acquire discounted residential mortgage notes evolved — deliberately, methodically — into a multi-vertical platform spanning distinct, structurally uncorrelated asset classes.
From a single thesis to a multi-vertical platform.
A track record built on macro discipline. A platform built for the long term.
2012
Founded on a Macro Conviction
The Great Financial Crisis left a market full of distressed mortgage notes and almost no institutional buyers. Aspen was founded to meet that moment.
2013–19
The Mortgage Note Track Record
3,000+ loans deployed across the Income and Growth Funds. Not one principal loss. The chapter that earned the right to expand.
2019
From Notes to Equity
Driven by investor demand, Aspen expanded into long-term real estate equity — multifamily, retail, and self storage.
2021
Two New Verticals. One Macro Thesis
Favorable macroeconomic tailwinds pointed toward energy and industrial. Aspen followed the data and launched both verticals in 2021.
2023
The Private Credit Fund Is Born
Built on a decade of credit experience, the Private Credit Fund was launched to capitalize on a structural dislocation in commercial real estate.
Today
One Platform, Four Verticals
A single macro conviction grew into a four-vertical platform — private credit, upstream energy, industrial, and multifamily — built and managed from Kansas City.
Our team
Aspen Funds is led by a management team with decades of hands-on experience across real estate and private markets.
Managing Principals
Ben Fraser
President, Chief Investment Officer
CIO at Aspen Funds and co-host of the Invest Like a Billionaire podcast, bringing 10+ years of investment management to alternative investing.
Robert Fraser
Co-Founder & CFO
Co-founder and CFO of Aspen Funds with 20+ years in finance and technology, passionate about educating others on alternative investments.
James Maffuccio
Co-Founder & Managing Partner
Co-founder of Aspen Funds with 30+ years in real estate and deep expertise in mortgage notes, overseeing acquisitions, underwriting, and sourcing.
Dan Schulte
Managing Partner
Former Managing Partner at B12 Capital Partners and 15-year General Counsel of Waddell & Reed, with deep expertise in securities and capital raising.
Leadership
Ellis Hammond
VP of Capital
Vice President of Capital at Aspen Funds, leading the firm's capital pipeline and investor community across RIAs, family offices, and fund managers.
John Briseno
VP of Default Servicing
Certified Mortgage Banker with 18 years at a national residential lender, where he managed a team modifying over $127M in mortgage loans.
Tom Boren
SVP of Acquisitions
Note acquisitions and sales expert with a deep industry network, drawing on nearly a decade in real estate notes and prior sales leadership at Marriott.
Mike Sullivant
Dir. Fund Partnerships / Sr. IR
Director of Fund Partnerships and Senior IR at Aspen Funds, with deep real estate experience across multifamily, SFR, and commercial assets.
Jacob Stock
Director of Accounting
Director of Accounting at Aspen Funds with 8+ years in investment assets, leading NAV integrity, fund audits, and complex distribution waterfalls.
Terrance Wise
Acquisitions Manager
Leads CRE acquisitions and private credit originations at Aspen Funds, sourcing and executing deals across stabilized, value-add, and structured assets.
Investor Relations
Taylor Hawks
Investor Relations
Dana Spencer
Head of Investor Concierge
Kimberly Moreira
Investor Concierge
Mary Sue Edwards
Investor Concierge
Amy Reeves
WOW Coord. / Exec. Asst.
Aspy the Owl
Team Mascot
Macro-driven strategies, one disciplined platform.
Each vertical sits on its own macro thesis and is led by dedicated professionals. Together, they offer a diversified suite of private alternatives — uncorrelated to public markets and to one another.
Explore VerticalsAspen Credit
Private credit strategies across mortgage notes and CRE lending, structured for downside protection and consistent income.
Aspen Industrial
Industrial real estate positioned to capture the long-term demand shift toward domestic manufacturing and supply chain resilience.
Aspen Energy
Direct oil and gas exposure — structured for favorable tax treatment and long-term production income.
Aspen Multifamily
Multifamily real estate in high-growth demographic markets, positioned for long-term equity appreciation.
Our Investment Approach
Most firms start with a deal pipeline and look for capital to deploy. We start with the macroeconomic environment.
Read More About our ApproachAspen's investment approach was forged through experience. Bob Fraser watched a multi-million dollar company go to zero in the dot-com collapse. Jim Maffuccio spent 30 years in real estate and witnessed firsthand what happens to capital when the macro environment shifts and investors aren't positioned for it.
Those experiences shaped a single conviction: before deploying capital, understand the environment it's entering. Aspen Funds was founded in 2012 on that principle, targeting a structural opportunity in distressed mortgage notes that most institutional investors were overlooking. The strategy worked, and more importantly, it established a framework that has governed every decision since: identify the macro trend first, select the asset class it benefits, and build the right team before committing capital.
Today that framework spans four verticals: private credit, upstream energy, industrial, and multifamily. Each vertical was built the same way and is governed by a formal Investment Committee. And in every fund, Aspen's principals invest alongside our investors on the same terms, because we believe the discipline required to protect and grow capital has to start from within.
Show LessThose experiences shaped a single conviction: before deploying capital, understand the environment it's entering. Aspen Funds was founded in 2012 on that principle, targeting a structural opportunity in distressed mortgage notes that most institutional investors were overlooking. The strategy worked, and more importantly, it established a framework that has governed every decision since: identify the macro trend first, select the asset class it benefits, and build the right team before committing capital.
Today that framework spans four verticals: private credit, upstream energy, industrial, and multifamily. Each vertical was built the same way and is governed by a formal Investment Committee. And in every fund, Aspen's principals invest alongside our investors on the same terms, because we believe the discipline required to protect and grow capital has to start from within.
Step I
Identify Macro Trends
We conduct deep research to identify structural macroeconomic trends that create durable investment opportunities — the CRE maturity wall, reshoring of manufacturing, domestic energy underinvestment. We invest in themes, not individual deals.
Step II
Select Asset Class and Build Strategy
For each trend, we assemble a dedicated vertical with specialized leadership, strategic operating partners, and a formal Investment Committee. This is a purpose-built platform with deep domain expertise.
Step III
Assemble Best in Class Team and Investor Friendly Structure
We don't deploy capital until we have the right people in place and a structure that puts investors first. Every fund is led by specialists in that asset class — operators, credit professionals, and industry veterans who have worked through multiple market cycles.
Why Investors Choose Aspen Funds
Macro-Driven Approach
Macro trends move markets. We identify them early and invest with the tide, not against it.
100% Co-Investment
Every fund Aspen manages includes personal capital from our principals, invested under the same terms available to our investors. We believe that shared exposure to outcomes is the most honest form of alignment.
Uncorrelated Verticals
Because each vertical draws returns from a different source, allocating across Aspen strategies creates genuine non-correlation - strategies that don't respond to the same market forces at the same time.
Dedicated Operations
In-house teams with specialized expertise running each vertical, ensuring consistent execution and strong operational oversight.
Investor First Approach
We structure our fees transparently, with no hidden costs. Our fund structures prioritize investor outcomes, with incentives tied to performance and aligned with the capital we manage.
Learn Before You Invest
Before you invest, understand the environment. Our Education Center provides the macro context, structural analysis, and fund-level detail to help you evaluate every opportunity with confidence.
Explore Our Education Center
Private Credit
Private Credit vs Bonds: How They Compare on Yield, Risk, and Rate Sensitivity
Every fixed income conversation lately turns into a yield comparison. Private credit pays 8 to 10%. Investment-grade bonds
Read MoreWalk through each vertical, in detail.
Our team can walk you through each vertical, share fund materials, and discuss how Aspen fits within your broader portfolio.