Defensive Opportunity

George Ajaka

Managing Partner, Investments

BCom Actuarial, App.Fin, Member AIAA

gajaka@whiteandpartners.com.au

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George became Managing Partner of White & Partners investments across equity and debt in 2016. He has over 13 years of experience in sourcing and managing real estate investments. George joined White & Partners in 2007 following four years at Towers Watson and KPMG Actuaries. With an Actuarial background, George’s numeric skills allow him not only to develop sophisticated financial valuation and risk models, but assess property investments from both a qualitative and quantitative perspective. George has extensive experience in property development, finance and deal structuring along with property disposal strategies across retail, residential, hotel/pubs and industrial sectors. George is a member of the Institute of Actuaries of Australia and is responsible for the performance of White & Partners Investments.

Sean Walsh

Senior Advisor

BCom, M Applied Finance

swalsh@whiteandpartners.com.au

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Sean has over 25 years of experience in Investment Banking, Equity and Debt Capital Markets and Private Equity at Goldman Sachs and Citigroup. Sean brings in depth expertise in valuation, transaction structuring, due diligence, capital raising, financial markets, stakeholder management and corporate governance. During his Investment Banking career Sean has been involved and led some of the largest and most complex corporate and capital market transactions in Australia and New Zealand.

Prior joining White and Partners as a Senior Adviser, Sean held various senior positions at Goldman Sachs. Sean was Managing Director and Co Head of Financing for Goldman Sachs Australia and New Zealand, Board Member of Goldman Sachs Australia, a member of the Goldman Sachs Asia Pacific Commitments Committee and member of the Goldman Sachs Australia Operating Committee.

Sean has been an investor with White and Partners since 20016.

Stephen Girdis

Chairman of the Debt Management Investment Committee

BCom, FINSIA

sgirdis@whiteandpartners.com.au

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Stephen has over 30 years experience in real estate asset management, financing, development, investment banking and chartered accounting, mainly at the Macquarie Group. He has held various senior positions including Executive Director of the Group, Global Head of Real Estate and Chairman of Real Estate, including serving as Chairman and Director of related ASX and SGX listed entities. During his leadership, global assets under management (including partnerships) grew tenfold to over $A30 billion. He was closely involved with the growth of Macquarie’s Asian real estate platforms, including joint ventures with Wanda Group, Munich Re, Pacific Star, Goodman Asia, and Pan Asian real estate private equity investment through MGPA and Schroders Asia property. Since retiring from Macquarie in 2012 he has been co-investing with and/or advising Australasian real estate companies.

James Hodgkinson

Debt Management Investment Committee Member

OAM, BEc (Accg), CPA, FAPI, FRICS

jhodgkinson@whiteandpartners.com.au

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James has deep real estate experience across all sectors having worked as a principal in the establishment and growth of the Macquarie Group’s Real Estate Investment Management business where he was an Executive Director and Business Head. Over his 16 years in this business James successfully led transactions in many aspects of the real estate value chain across multiple sectors in Australia, Asia and the United States.

Steven Bougoukas

Executive Director

BEc (Economics / Finance)

sbougoukas@whiteandpartners.com.au

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Steven has over 16 years in real estate finance experience across all sectors including office, retail, hotels, residential, land & industrial. He has been involved in major transactions across development & project finance, acquisitions and refinancing. Steven held various senior roles within ANZ Banking Group’s Property division with his last role overseeing the Corporate Property team across NSW, ACT QLD & NT. During his time at ANZ, Steven was involved in managing some of the largest property groups including various listed REITs, international investors and private property development group. Steven’s most recent role prior to joining White & Partners, was a Senior Director within CBRE’s Debt & Structured Finance team where he was responsible for commercial debt origination, debt advisory and development funding. In this role he worked with international banks, non-bank lenders including US/UK Insurance Companies and Listed Japanese Securities Firms. Steven also is a lecturer at the University of NSW for the Property Finance & Investment course.

David Mao

Executive Director

BCom, BLaw, MFin, Member ICAA

dmao@whiteandpartners.com.au

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Prior to joining White & Partners in 2016, David worked for Greenstone Partners (corporate finance) and Macquarie Capital (real estate investment banking). David has experience in financial valuation, deal structuring and due diligence. David is a member of the Institute of Chartered Accountants Australia.

Matthew Falk

Senior Associate

BCom, BEc

mfalk@whiteandpartners.com.au

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Matthew joined White & Partners in 2020 from McKinsey & Company, where he was a management consultant for two years. Prior to McKinsey, he worked for Goldman Sachs’ Securities division in Hong Kong and Sydney. Matthew holds a Bachelor of Commerce and a Bachelor of Economics from the University of New South Wales.

Robert Aunalla

Finance Manager

BBus, ICAA

raunalla@whiteandpartners.com.au

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Robert joined White & Partners in 2020, and brings with him numerous years of accounting experience working in the private equity, management consulting and business restructuring sectors. Prior to White & Partners, Robert spent two years working in the private equity sector in the United Kingdom, where he was responsible for the investment monitoring, treasury management and fund accounting of the funds under management. Prior to that, he worked in public practice in Australia, with a focus on management consulting and business restructuring. Robert has a Bachelor of Business from the University of Technology Sydney and is a member of the Institute of Chartered Accountants in Australia and New Zealand.

Kathy Kars

Operations Manager

kkars@whiteandpartners.com.au

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Kathy joined White & Partners in 2020, bringing a wide range of experience from her analytic and operational roles in Superannuation and Financial Services.
Kathy also has experience working in the private and NFP sector as Operation Manager.

Tom Harding

Investment Analyst

BCom

tharding@whiteandpartners.com.au

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Tom joined White & Partners in August 2019 as an intern and progressed to a full time role as an Investment Analyst in 2020. Tom has recently completed his Bachelor of Commerce degree majoring in Finance from the University of Sydney.

Matthew Budden

Head of International Capital Markets

LLB, Admitted in HCA and HCHK

mbudden@whiteandpartners.com.au

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Matthew is a principal within White & Partners. He has 18 years of experience in Asian investment banking, the last seven as Deputy General Counsel of JP Morgan Hong Kong, the leading Asia-Pacific legal team in corporate derivatives, structured products and prime services with experience in coordinating industry discussions on key regulatory consultations. Prior to JP Morgan, Matthew spent five years with the Bank of China International (BOCI) group developing the Chinese capital markets, RMB internationalisation, pre-IPO financing and share placements. Matthew advised BOCI on HK government’s inaugural HKD20B sovereign bond and BOC’s USD11.5B global H-share offering. Matthew also worked for six years with the Mitsubishi – UFJ Group on capital markets transactions in Singapore, China, Korea and South East Asia, arranging sovereign loans, currency and interest rate swaps and debt restructurings.