An Exclusive Offer for Passive Income MD Readers
Earn Like a Lender With Real Estate Credit
Passive Income MD readers can invest in the Aspen Private Credit Fund and receive Class B economics through the end of 2027.
Shared with
$200M+
Platform EUM*
$100M+
Investor Distributions Since Inception*
2,000+
Positions Deployed*
0
Principal Losses to Date*
*Aspen Credit platform, as of May 2026
Aspen Private Credit Fund
An Opportunistic, Income-Focused Credit Fund
An open-ended fund providing credit to commercial real estate through preferred equity, mezzanine debt, and bridge loans. The fund targets current cash yield paid monthly, with upside through profit share, while holding preferred positions in each underlying investment.
Passive Income MD Reader Offer
Class A Minimum. Class B Economics.
Class B normally requires a $1,000,000 commitment. Passive Income MD readers receive Class B economics with a $100,000 minimum investment.
Class B economics apply through December 31, 2027.
Performance shown are targeted returns and are not guaranteed. Subject to the terms of the offering documents.
Aspen Funds Credit Vertical Leadership
Decades of combined experience owning, operating, and financing real estate through multiple market cycles.
Ben Fraser
President, Chief Investment Officer
CIO at Aspen Funds and co-host of the Invest Like a Billionaire podcast, bringing 10+ years of investment management to alternative investing.
James Maffuccio
Co-Founder & Managing Partner
Co-founder of Aspen Funds with 30+ years in real estate and deep expertise in mortgage notes, overseeing acquisitions, underwriting, and sourcing.
Robert Fraser
Co-Founder & CFO
Co-founder and CFO of Aspen Funds with 20+ years in finance and technology, passionate about educating others on alternative investments.
John Briseno
VP of Default Servicing
Certified Mortgage Banker with 18 years at a national residential lender, where he managed a team modifying over $127M in mortgage loans.
Tom Boren
SVP of Acquisitions
Note acquisitions and sales expert with a deep industry network, drawing on nearly a decade in real estate notes and prior sales leadership at Marriott.
Terrance Wise
Acquisitions Manager
Leads CRE acquisitions and private credit originations at Aspen Funds, sourcing and executing deals across stabilized, value-add, and structured assets.
Jim Genis
Director of Asset Management
Jim Genis is a seasoned real estate investor with two decades of experience in value-add multifamily and portfolio investment strategies and asset management.
Cody Persell
Project Manager
Construction and asset management professional with 15 years of experience, guiding properties from acquisition through renovation, stabilization, and disposition.
Ellis Hammond
VP of Capital
Vice President of Capital at Aspen Funds, leading the firm's capital pipeline and investor community across RIAs, family offices, and fund managers.
Mike Sullivant
Dir. Fund Partnerships / Sr. IR
Director of Fund Partnerships and Senior IR at Aspen Funds, with deep real estate experience across multifamily, SFR, and commercial assets.
Taylor Hawks
Investor Relations
Investor Relations professional at Aspen Funds, connecting high-net-worth investors and family offices with alternative investments focused on downside protection and long-term value.
Vertical Advisors
Wes Hill
Investment Committee Member
Anton Mattli
Investment Committee Member
Alex Beemer
Investment Committee Member
Why Investors Choose Aspen Funds
Macro-Driven Approach
Macro trends move markets. We identify them early and invest with the tide, not against it.
Co-Investment
Every fund Aspen manages includes personal capital from our principals, invested under the same terms available to our investors. We believe that shared exposure to outcomes is the most honest form of alignment.
Uncorrelated Verticals
Because each vertical draws returns from a different source, allocating across Aspen strategies creates genuine non-correlation - strategies that don't respond to the same market forces at the same time.
Dedicated Operations
In-house teams with specialized expertise running each vertical, ensuring consistent execution and strong operational oversight.
Investor First Approach
Transparent fee structure with no hidden costs. We prioritize investor outcomes, with incentives tied to performance and aligned with the capital we manage.
Trusted By Accredited Investors Nationwide
5.0
Based on 150+ Google reviews
Jill Reddell
4 months ago
Mannie Szochet
4 months ago
Kyle Lorenz
2 months ago
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3 months ago
Salim Rowe
9 months ago
Questions investors ask
What is the Passive Income MD offer?
Passive Income MD readers who invest in the Aspen Private Credit Fund receive Class B economics while keeping the standard $100,000 minimum investment. Class B normally requires a $1,000,000 commitment. The Class B economics apply through December 31, 2027.
What does Class B mean for my investment?
Class B carries a 7% preferred return (versus 6% for Class A), an 80/20 LP/GP promote (versus 70/30), and a 1.5% AUM fee (versus 2%). Class B targets an 11–13% net total return and a 9–12% net cash yield, annualized. Targeted returns are not guaranteed.
How does the Private Credit Fund generate income?
The fund provides credit to commercial real estate through preferred equity, mezzanine debt, and bridge loans, holding preferred positions in the capital stack with priority of payment. Current yield is paid monthly, with additional profits shared quarterly.
When can I access my investment?
The fund accepts capital contributions quarterly at Net Asset Value. Optional liquidity is available after a 2-year lock-up period, subject to the fund’s terms and offering documents.
Ready to invest with Aspen?
Speak with our investor relations team about the Private Credit Fund and the Passive Income MD offer, or request the full offering documents.