Art Falcone
Co-founder, Managing Principal, Investment Committee Member

Arthur J. Falcone is a co-founder and Managing Principal of Encore Capital Management and sits on the Investment Committees of its three funds. Art is also the founder and Managing Principal of Miami Worldcenter, one of the largest master-planned urban environments in the United States. Spanning more than 30 acres across nine blocks in the heart of downtown Miami, the entitled project allows for more than 15 million square feet of mixed-use multi-billion dollar development, including retail, restaurant and entertainment, hotel, residential, and office. As Chief Executive Officer and Chairman from 2004 to the present of Falcone Group, a vertically- integrated real estate and land development organization specializing in residential, retail and apartment assets. Mr. Falcone began his business more than 35 years ago, investing in fast food restaurants, hotels and health clubs in New York State, and at the age of 22 became the youngest operator of a McDonald's franchise. He quickly became the owner and operator of more than 100 McDonald's, Wendy's and other family-style restaurants throughout New York, Florida and California, and was also a Days Inn Hotel franchisee. In 1988, Mr. Falcone formed the homebuilding and land development company Transeastern Properties, Inc. Transeastern began purchasing residential and mixed-use properties from distressed and bankrupt sellers and capitalizing on foreclosures against distressed housing debt brought on by the national recession in the late 1980's and early 1990's. As the economy rebounded, this asset base fueled Transeastern's growth, within 15 years Transeastern had become the largest private homebuilder in the State of Florida and one of the top 25 homebuilders in the United States. In 2005, as the homebuilding market peaked, Art sold Transeastern, (including the land company), to Technical Olympic USA ("TOUSA") for a total consideration of $1.6 billion in one of the largest private transactions in the history of homebuilding and land sales. During this period, Mr. Falcone developed or acquired interests in over 20,000 multifamily apartment units, in 2006; Mr. Falcone sold his remaining apartment portfolio for $480 million.

Tony Avila
Co-founder, Managing Principal, Investment Committee Member

Tony Avila is a co-founder and Managing Principal of Encore Capital Management and sits on the Investment Committees of its three funds. Mr. Avila is also founder and Chief Executive Officer of Builder Advisor Group, a boutique investment banking firm that focuses on advising real estate and development companies on financial transactions including capital raising, debt restructuring and mergers and acquisitions. Over the past 15 years, Mr. Avila has served as an advisor in over 50 homebuilding merger and acquisition transactions valued at over $6 billion in the aggregate and helped to raise approximately $10 billion in over 50 debt and equity issuances for publicly-traded and private apartment homebuilding and land development companies. In 1999, Mr. Avila represented the Irvine Company in its acquisition of Irvine Apartment Communities. His experience in the housing sector began during the previous major recession when he worked from 1987 to 1989 at the Federal Home Loan Bank of San Francisco overseeing troubled, government-controlled savings and loans. He joined Montgomery Securities in 1996, which was acquired by Banc of America Securities in 1998. While at Banc of America Securities, Mr. Avila was an advisor to the Pebble Beach Company, helping to bring the Pebble Beach Resorts back to U.S. ownership. In late 2001 through early 2002, he advised D.R. Horton for the acquisition of Schuler Homes, the second largest homebuilding acquisition in the U.S. Mr. Avila is a graduate of the University of California, Berkeley. He is a ULI member and active participant of the Community Development Council. Mr. Avila is a board member of the Positive Coaching Alliance and is a member of the Finance Advisory Board for the Sisters of the Holy Family. He has been a volunteer little league baseball coach for the past seven years. In his personal family office, Mr. Avila has owned and managed over 1,000 apartments and homes throughout the Bay Area.

Bill Powers
Managing Principal, Investment Committee Member

Bill Powers is a co-founder and Managing Principal of Encore Capital Management and sits on the Investment Committees of its three funds. Mr. Powers resigned from PIMCO in 2010 after a 19 year career as a fixed income portfolio manager and managing director. He was a member of its investment and executive committees. He oversaw PIMCO's global portfolio operations in Tokyo, Singapore, Sydney, London, and Munich. Prior to joining PIMCO in 1991, he was with Salomon Brothers and before that, with Bear Stearns as senior managing director specializing in mortgage-backed securities. Mr. Powers leverages his expertise in the debt and capital markets and distressed debt investing to assist in identifying and assessing investment opportunities for the Fund. Mr. Powers is also responsible for relationships with institutional investors and the capital markets. A graduate of St. Albans School in Washington D.C., he served on the school's board of governors; and at Princeton, he was a two-year letterman, was chosen to the All Ivy league team and recently made the naming gift for its new football field. He generously supports and has been a board member of the L.A. Philharmonic, Jazz Aspen Snowmass, Sonoma Jazz +, The Kennedy Center for the Performing Arts, and the Painted Turtle camp for special-needs children. Mr. Powers received an AB in economics from Princeton and an MBA from the Stanford Graduate School of Business.