Macfarlan Capital Partners has hired a former accounting executive from Westbrook Partners as chief financial officer. Steve Smith joined the Dallas-based real estate investment firm earlier this month.
As Macfarlan’s new CFO, Smith will be focussing on finance operations and controls, accounting and reporting, audit and tax and fundraising activities at the Dallas-based private equity real estate fund manager. In addition, he will sit on Macfarlan’s investment committee.
“Macfarlan’s experience in the space was instrumental to me going in. They have a long-standing track record and have built a large pipeline [of deals],” Smith said.
Prior to joining Macfarlan, Smith had worked at Westbrook Partners for 13 years, most recently as director of accounting, working out of the fund manager’s Dallas office. According to Smith, he parted ways with Westbrook when the New York-based private equity real estate firm opted to pack up and move out of Dallas over a year ago. Before his career at Westbrook, Smith spent seven years as an accounting manager with the Dallas-based REIT, Prentiss Properties.
The hiring of Smith follows Macfarlan’s hiring of Bryan Larson from the law firm of Thompson & Knight as legal partner and general counsel in October. Macfarlan bringing Smith and Larson on board coincides with the firm ramping up its fundraising efforts.
Sources familiar with the situation have revealed that the firm currently is raising capital for the Macfarlan Distressed Asset Fund, an opportunistic vehicle seeking $300 million in equity commitments. The fund, which offers a 10 percent preferred return to investors and is targeting a net IRR of 18 percent, will seek distressed office, retail and industrial assets in the Sunbelt region of the US. The firm expects to hold a first close of around $75 million later this quarter.