Inside the Mind of a Private Equity Real Estate Leader

How a Banker Turned Fund Manager Built a Billion-Dollar Portfolio In the Global Financial Crisis? 

In the world of investing, some of the most successful ventures are born in the most uncertain times. For Christopher (Chris) Cheah, Founder and Executive Chairman of TrustCapital, the decision to strike out on his own in the midst of the 2009 Global Financial Crisis (GFC) was not one of recklessness, but of calculated conviction. Today, his firm stands as a respected name in private equity real estate, with a track record that includes the acquisition of eight prime office buildings in Australia and assets under management peaking at more than AUD 1.6 billion. 

This is the story of how Chris, a banker turned fund manager, transformed challenges into milestones and built a business trusted by some of the largest institutional investors in Asia. 

From Banking to Bold Moves 

Chris’s career began in Australia, where he studied at the University of Queensland, qualified as an Australian Chartered Accountant, moved to Singapore, trained by DBS for 2 years before spending 16 years with ANZ Bank. As Head of Property Asia, he managed a portfolio of major institutional and corporate property players, advising and financing their investments across Australia and New Zealand. His banking role gave him deep insights into property markets of both countries, particularly office assets, but he had never been an investment manager himself. 

By 2009, hungry for new challenges, Chris began thinking seriously about starting his own venture. The timing, on paper, looked disastrous. The world was reeling from the GFC, markets were skittish, and raising money for new funds seemed nearly impossible. Yet Chris saw opportunity where others saw risk. 

“The crisis for Australia was financial, not a property crisis,” he recalls. “Occupancy rates for Australian CBD offices were still above 90%, which meant the fundamentals were intact. Prices were falling not because the buildings were empty, but because banks were pulling back financing and capital markets had frozen. It was exactly the right time to buy if you had the courage and the right partners.” 

Building a Strong Foundation 

The first step was addressing weaknesses. “I knew my strength was my knowledge and understanding of and my network in the Australian market,” Chris says. “But I was a banker, not yet an investment manager. I needed someone with strong credibility and expertise in real estate investment beside me.” 

He reached out to David Tan Wei-Son, formerly CEO of CapitaCommercial Trust, Singapore’s largest office REIT then, and convinced him to join as co-founder. Together, they approached Raja Noorma Othman, then Head of Group Asset Management of CIMB, Malaysia’s largest investment bank, and after a long series of conversations, with the strong support of Raja Noorma, secured their partnership. 

That single move was transformational. “Normally, institutions don’t invest in first-time funds. They wait until a manager has raised their third fund before even considering them. But having CIMB as our partner gave us strong credibility. It opened the doors to conversations with giants like the Employees Provident Fund (EPF) of Malaysia and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) or the Retirement Fund (Incorporated).” 

It wasn’t smooth sailing. Even with CIMB on board, it took more than a year to raise the funds from the anchor investors. Chris and David even lent the company their own money just to pay salaries in the last months before the breakthrough came at end 2010 when EPF agreed to commit AUD 100 million and KWAP, pledged another AUD 30 million. With that, TrustCapital was on its way. 

Strategic Acquisitions in Australia 

TrustCapital’s early focus was on Australian CBD office buildings. “Back then, office assets were seen as reliable and easily understood by institutional investors. Shiny buildings in city centres were easier to explain than retail malls or industrial assets,” Chris notes. 

Timing was on their side. With financing markets largely frozen and fear abound, few buyers were active. TrustCapital stepped in, acquiring eight office towers, five of them off-market deals with little to no competition. The acquisitions were guided by a strong investment committee, including industry veterans such as Brendan Crotty, former CEO of Australand, and Lim Swe Guan, former Managing Director of GIC Real Estate. 

One turning point came through deals with Walker Corporation, Australia’s top private developer. “The late Lang Walker, an industry icon, was known as a tough negotiator, some people joked you should check if you have lost any finger after shaking hands with him. Yet we managed to close three deals with him worth over AUD 600 million and they have all performed very well. It was a great honor and a strong validation of our credibility to do business with Lang. Those were his only 3 major commercial deals done over that period.” Chris recalls. 

Buying at or near the bottom of the cycle, enhanced them, holding through recovery, and eventually realising handsome capital gains at or near the peak of the cycle, cemented TrustCapital’s reputation as a savvy, disciplined investor. 

The Philosophy: Discipline and Trust 

While many investment managers chase deals by bidding the highest price, TrustCapital takes pride in a different approach. “We believe paying the top price to win a deal isn’t doing right by our investors. Our job is to buy well, at fair value, and deliver long-term returns. To do that, we rely on homework, strong relationships, and a track record of good execution.” 

That focus on discipline has also helped build trust with investors. Still, Chris acknowledges that credibility in the early days was a challenge. “Convincing an investor who’s meeting you for the first time to commit tens of millions isn’t easy. That’s where CIMB’s backing was critical. Their brand gave us mileage. But ultimately, we had to deliver and once we did, doors began to open.” 

Milestones and Growth 

From its humble beginnings in 2009, TrustCapital has grown into a trusted partner for leading institutional investors. Along the way, the firm faced its share of ups and downs. At one point, with capital nearly exhausted and no commitments closed, Chris and David had to decide whether to give up or seek more capital, which would have been challenging. Their decision to persist, even lending personal funds to keep the business afloat, proved pivotal when anchor investors finally came aboard. 

The firm’s growth was marked not only by assets acquired but also by relationships built with developers, institutional investors, bankers and advisors. Its success story shows the power of combining market knowledge, credibility, timing, perseverance and hard work.  

Building on the success of TrustCapital’s Australian Office Fund 1 and Australian Office Fund 2, which exited in 2017 with above-market performance and achieved IRRs of 11% and 24% respectively, TrustCapital is making a return to the Australian office market after an eight-year hiatus. The firm is now raising AUD 500 million in equity for Australian Office Fund 3, targeting investments of up to AUD 1 billion. 

Looking Ahead: A Regional Vision 

While Australia remains its strategic long term investment destination and core market, TrustCapital is expanding its presence to Malaysia and its home base, Singapore. The firm was recently awarded a mandate of RM 500 million from KWAP to invest domestically, with a broader vision of bringing foreign direct investment into Malaysia. 

“We see strong synergies between Australia, Malaysia, and Singapore,” Chris explains. “Singapore has institutions and corporates that want to expand into Malaysia, while Australia has firms looking to enter Southeast Asia. Malaysia, being an A-minus rated country, is an ideal destination. We aim to be the bridge, helping Australian companies expand, guiding Singaporean and Singapore base investors into Malaysia, and taking Malaysian institutions into Australia.” 

Education is one sector he sees as particularly ripe for cross-border growth. “Australian tertiary institutions are interested in Southeast Asia’s education sector, and Malaysia is well-positioned to host such expansions and we are keen to play a key role for this.” 

Next Chapter 

As TrustCapital looks toward its next chapter, Chris remains guided by the same philosophy that carried him through 2009: “Crisis creates opportunities. What matters is to see it, seize it, and surround yourself with the right people to make it happen, while maintaining discipline and trust.” 

The focus now is to further strengthen the business foundation and build a leadership team that will withstand the test of time. 

Advice for Aspiring Fund Managers 

When asked what advice he would give to someone starting a fund today, Chris doesn’t hesitate. “Be honest with yourself. Identify your weaknesses and find ways to mitigate them. Don’t assume passion alone will carry you through. You need strategy, credibility, partners and most of all, a great team. And if your idea can be explained in simple terms to a layperson and still make sense, then you’re on the right track.” 

His journey also underscores the importance of resilience. “There will be times when things look impossible. But if you believe in your strategy, surround yourself with the right people, and stay disciplined, opportunities will come.” 

“People make mistakes, I made the most. I would like to think that I have learnt and improved. So, we need to be forgiving as well.” 

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