Commonwealth Asset Management Reviews & Profile

About Commonwealth Asset Management

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

CWAM 2019 - Present '22 CWAM launches a co-mingled Digital Asset Fund '21 CWAM launches multiple SMAs focused on Global Macro and Digital Asset opportunities '20 CWAM launches its Global Macro Master Fund and Real Estate business, CWRE '19 Adam founds Commonwealth Asset Management (“CWAM”)
'22 CWAM launches a co-mingled Digital Asset Fund
'21 CWAM launches multiple SMAs focused on Global Macro and Digital Asset opportunities
'20 CWAM launches its Global Macro Master Fund and Real Estate business, CWRE
'19 Adam founds Commonwealth Asset Management (“CWAM”)
'19 Adam and the Investment Team depart Soros
'17 Adam joins Soros as Head of Global Macro & Real EstateCWOC Investment Team joins Adam at Soros
'17 At a peak AUM of $2
3bn the team announces move to Soros and returns investor capital
'08 - 17 CWOC operates multiple comingled master funds and bespoke SMAs based on market opportunity
'08 Adam co-founds Commonwealth Opportunity Capital (“CWOC”)

Founder and Chief Investment Officer

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

SENIOR PORTFOLIO MANAGER, Head of Global Macro & DIGITAL ASSETS

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

Head of Real Estate

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