Real estate investment group

Aspen Funds

Real Estate-Backed
Mortgage Investments

Deep Mortgage Experience

Aspen Funds was started by Bob Fraser and Jim Maffuccio in early 2012 to take advantage of a unique opportunity in residential real estate notes. Experiencing the volatility of the stock market, and seeing investors take large losses in their portfolios, Bob and Jim were determined design an investment fund that would provide excellent investor returns, but without the volatility of traditional investment options.

Jim has spent a 30+ year career in real estate, and in 2010 began looking into the mortgage notes space. Through all his experience in real estate, he understood that the financing was always the key, and that through all the ups and downs of real estate investing, it was the banks who always seemed to survive and thrive. By the end of 2011, he was fully engaged developing key relationships and investing in the mortgage industry. After a casual cup of coffee with Bob Fraser, the idea for Aspen Funds was created. With Jim’s 30-year background in real estate and Bob’s 20-year background in finance, they raised capital for their first fund.

Since then, Aspen Funds has steadily grown over the past 6 years, now managing 3 different funds. And because of their track record and reputation in the industry, many new and significant opportunities have opened up to Aspen, and therefore are actively raising capital.


Meet our Management Team


Robert Fraser

Co-Founder • CFO

Mr. Fraser has 20+ years’ experience as a finance and technology executive and is a Magna Cum Laude U.C. Berkeley computer scientist and a former Entrepreneur of the Year Award winner. Fraser is responsible for financial management, portfolio modeling, as...Read More


James Maffuccio

Co-Founder • CIO

Mr. Maffuccio is a 30-year real estate veteran and an expert in mortgage notes. He is deeply networked in the secondary mortgage industry and is responsible for acquisitions and underwriting as well as relationships with primary sources and key vendors....Read More


Dan Schulte

Managing Director

Mr. Schulte was formerly a Managing Partner at B12 Capital Partners, a private equity firm that focused on the acquisition of mid-market manufacturing and distribution companies in the Midwest. While at B12 he formed and operated B12 Real Estate Advisors,...Read More


Ben Fraser

VP of Finance

Prior to Aspen, Mr. Fraser was a commercial lender at First Business Bank specializing in government backed loan originations (SBA & USDA), for one of the top SBA lenders in the nation. Prior to that he was a commercial credit...Read More


Steve Gryglewski

SVP Workout Operations (Distressed Debt)

Prior to Aspen, Mr. Gryglewski was a banker for 29 years and was involved in portfolio management, workout solutions, REO management and sales, accounting, and loan operations. Mr. Gryglewski oversees Aspen’s workout operations team for their non-performing mortgage portfolio. Mr....Read More


Tom Boren

SVP of Acquisitions

Tom has been in the real estate note industry for nearly a decade. He is primarily responsible for note acquisitions, note sales, and developing key relationships to create and maintain deal flow. Tom has a vast network of relationships with...Read More

Our Funds

Aspen Funds operates several private investment funds in real estate notes for accredited investors. Not all of our funds are currently open to new investors but are listed below to showcase our performance track record and various strategies.

Aspen I Income Fund

Aspen I Income fund was started in 2014 and is structured as an open-ended fund. The fund purchases only performing mortgages and pays investors monthly preferred returns as well as additional profits through share-price appreciation. This fund is only open to accredited investors.

Fund opened: 1/1/14
Current preferred returns: 9%
Status: Open to new investors

Aspen G Growth Fund

Aspen G Growth Fund was started in 2014 and is structured as an open-ended fund. The fund purchases only distressed mortgages and generates profits executing various workout strategies. This fund is currently operating but closed to new investors at this time.

Fund Opened: 1/1/2014
Total Return: 15.0% (24-month IRR)
Status: Closed to new investors


MRF1 was our first fund, started in 2013. This was structured as a closed-end fund with a 3-year duration. It purchased only distressed mortgages and generated profits executing various workout strategies. MRF1 met its objectives and was sunset in 2016.

Duration: 3 year closed-end fund
Total ROI: 45% return
IRR: 24%
Status: Closed

Our Track Record by the Numbers


Total Loans


Invested In


Years Track


Years Combined Real
Estate Experience

Our Models


For investors looking for consistent cash flow every month


For investors looking to grow their portfolio for the long haul



Our income fund is designed to generate consistent passive income every month for our investors. Every month we send preferred returns right into your bank account – 8.5% annually. Or, if you like, you can reinvest those returns and compound your investment.

Also, every quarter we add up any additional profits and share those with our investors. These profits are accrued into the share price, so the value of your shares grow too. What about when you need some or all of your money back? Unlike most private funds, we offer investors the ability to redeem their investment on a quarterly basis after our 1-year lock-up period.

Learn more about the fund strategy by attending our webinar.

Preferred Return: 8.5% | Track Record: 5 years | Accredited Investors Only | Minimum Investment: $50,000



Our growth funds are designed to generate strong returns for investors who want to grow and compound their wealth. We started our first fund using this niche strategy and have produced strong results. We continue to operate several funds using this strategy.

Because this is such a niche strategy, and we are very selective in the assets we purchase, we are currently unable to deploy more capital. Be sure to subscribe to our email list to be notified as new opportunities arise or we create new funds.

24 Month net IRR: 15% | Track Record: 5 years | Status: Currently closed to new investors

Watch The Webinar

The Aspen Income Fund Deep Dive webinar covers many topics about the Aspen Income Fund in great details, including:

How to generate consistent income passively

Real examples of real estate notes and how they work

How private investments compare to other asset classes

The keys to conservatively underwriting these assets

Why it's better to be the bank

About Aspen's historical track record

Not Ready?

Download our executive summary to
learn more about Aspen.

If you have a general inquiry about Aspen Funds, fill out the form and one of our representatives will be in touch with you.

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