About us

Pindari Capital (AFSL 488 493) is the real estate funds management platform of Mulpha Australia Limited.

It is a multi-skilled, multi-disciplined property funds management firm covering the broad spectrum of real estate asset classes.

Pindari will leverage off, and have access to, the broader Mulpha capability which includes expertise in development and project management, investment management of operating and traditional real estate assets, product origination through its capital transaction team and a strong network of capital partners both locally and offshore.

Pindari is a value-add specialist offering a wide range of services and investment options, including:

  • Provision of real estate finance (via our Real Estate Fund)
  • Sourcing and executing on acquisition opportunities (including feasibility analysis and due diligence)
  • Portfolio structuring
  • Investment vehicle structuring (including co-mingled funds, “clubs” and separate accounts)
  • Asset and investment management
  • Dispositions (including running domestic and international marketing campaigns)
  • Capital raising

Active Risk Management

is vital to navigate the inherent volatility of the global capital markets

Diversification & Concentration

are essential tools to manage risk and maximise return, respectively.

Focus on Core Competencies

is critical for consistent success.


The multi-skilled, experienced board consists of Edward Hewitt-Taylor, Managing Director, Fund Operations, Mark Morcos, Director, as well as Greg Shaw as Chairman and Andrew Hall as Director;

Edward Hewitt-Taylor

Managing Director, Fund Operations

Edward has over 20 years’ experience in investment management, holding senior executive roles in listed and unlisted funds management and property groups spanning sectors including property, securities, debt and venture capital, with both a local and international focus in both Australia and the United Kingdom. Edward is a chartered accountant and Fellow of the ACCA, and has extensive business, finance, investment, analytical, risk management and governance and compliance skills developed across a range of executive, management and consulting roles.

He has also been active in the venture capital sector through other partnerships, working with early, mid and late stage Pre-IPO companies in Australia and internationally.

Edward has a deep understanding of the responsibilities of providing financial services having managed the day-to-day decision making in relation to several Australian financial services licensee entities and has assisted several managers in the development of significant investor visa platforms. Edward holds a number of directorships, as well as holding treasury roles with non-profit organisations.

Greg Shaw


Greg is the Chief Executive Officer of Mulpha Australia. He has over 25 years’ experience as CEO of listed leisure and hospitality businesses in Australia, including as CEO of Ardent Leisure, one of Australia’s most successful leisure and hospitality owners.

During his 13-year tenure as CEO at Ardent, Greg grew the company from a $70 million enterprise to a $1.2 billion business, delivering annualised returns of over 15% to investors during his tenure.

Greg has extensive experience across many leisure sectors including golf clubs, theme parks, health clubs, marinas, indoor bowling, entertainment and restaurant portfolios.

Greg is a qualified chartered accountant.

Andrew Hall


Andrew has more than 20 years’ experience in the listed and unlisted property sectors including leadership roles in funds management across office, retail, industrial, retirement and residential sectors.

Now known as Aveo, Andrew was responsible for FKP Funds Management which included the FKP Property Trust and the unlisted FKP Core Plus Funds, with total assets of approximately $800 Million.

Now Head of Real Estate for Mulpha Australia Limited, Andrew has been actively sourcing new real estate and business opportunities for Mulpha Australia Limited including debt, equity and joint venture interests. Andrew is also a founding Director of Multiple Capital, which is a debt funds management platform formed in 2017.

Andrew has a Bachelor of Commerce, is a Responsible Manager under Mulpha Funds Management AFSL and is a licenced real estate agent (NSW).

Mark Morcos


Mark is a director and co founder of Pindari Capital a funds Management business based in Sydney providing investment management services to international investors.

Mark began his career as a financial adviser at MLC / NAB in 2001, working in their Private Client Service Group before being promoted to Senior Adviser and providing advice to various high net-worth business and top tier clients. From 2006, Mark worked in several small boutique Financial Planning practices advising high net worth individuals on their financial affairs and expanded his financial advice capabilities to include direct property advice.

In 2009 Mark started Wealth Journey, a Financial Planning practice based in Sydney, which continues to provide financial advice to business owners and high net worth individuals.

Over the past 18 years Mark has advised clients on a wide range of asset classes including international and domestic equities, bonds, fixed income, REIT’s , infrastructure, private equity, cash and derivatives.

Mark is also a director of Wealth Journey and Stamford Wealth Management which also hold an AFSL.

Mark has a Bachelor's degree in Applied Finance, a Diploma of Financial Planning, and has a specialist accreditation in Self-Managed Super Fund advice.


In addition to the access made available to the key executives at Mulpha, the Pindari team collectively has decades of experience gained both in Australia and around the Asia-Pacific region, including China, Singapore, South Korea, Hong Kong, Japan and Thailand.

The team members have deep connections and long-standing relationships with domestic and international property market participants, both institutional and private, around Asia-Pacific and beyond. Pindari can draw on those connections and relationships for deal sourcing, market intelligence and to introduce potential capital partners into investment opportunities.

Allen Zhang

Investment Manager

Allen has worked in the property investment and finance industry for over 9 years (7 years in China). Immediately prior to joining Pindari Capital, he was working at National Australia Bank in Sydney CBD as an analyst for Commercial Real Estate Portfolio Management.

Allen held the position of Investment Manager/Vice President in the Department of Real Estate Investment/Structured Finance for Ping An Trust, where his responsibilities included sourcing and analysing investment opportunities, structuring, due diligence and contract negotiation. At Ping An Allen managed various investments with a total value of RMB 13.5bn (c. A$ 2.7bn), which covered debt (institutional lending/project finance) and equity (property acquisition), across both on-shore and cross border transactions. Allen started his career as a property valuer at DTZ (now Cushman & Wakefield) in China, serving domestic and international institutional clients.

Allen holds a Master in Real Estate, majoring in Real Estate Investment and Finance, with Credit, from the University of Hong Kong, and a Bachelor in Civil Engineering (Outstanding Graduate). He has also passed the CFA level II exam.

Allen is fluent in English, Cantonese, and Mandarin.

Karen Song

Investment Manager

Karen worked in the finance and funds management industries for 8 years, 5 years (based in New Zealand) with Australia and New Zealand Banking Group (ANZ), 1 year with Huayu Funds Management, a boutique funds management/private equity firm in China with approximately RMB 1 billion (AUD 205 million) under management, and 2 years with Ausin Group.

While at ANZ Karen held the role of Business Analyst in Institutional Banking, where she was a member of a team dealing with 10,000 high net worth Institutional clients worldwide in connection with the compliance requirements of the New Zealand Financial Market Authority relating to foreign exchange trading. At ANZ Karen also worked in the Private Banking division, where she dealt with high net worth clients regarding their investment and other financial needs and objectives.

At Huayu Karen held the position of fund manager, leading two investment analysts within her team. Her responsibilities in that role included undertaking due diligence and valuations on over 50 projects and shortlisting potential investment targets for investment committee approval, Karen also was involved in the structuring of funds. In her current role of Investment Manager with Pindari Capital, Karen works with and supports the Australia-based members of the Pindari team, with a focus on the various Pindari funds under the Australian Government’s Significant Investor Visa scheme.

Karen holds Bachelor’s degree of Commerce and Administration from Victoria University of Wellington (NZ), a Graduate Diploma in Business Studies (Finance) from Massey University (NZ), and is currently studying towards her Master of Finance degree with Massey. She also holds a Certificate of Asset Management of Association China, and is a CFA Level 2 candidate.

Karen is fluent in English, Mandarin and Cantonese.

Stephen Li

Portfolio Analyst

Stephen is the Portfolio Analyst for Pindari Capital and is responsible for investment and portfolio analysis.

Stephen brings to Pindari a strong finance and accounting background in the financial services industry. Immediately prior to joining Pindari, Stephen spent 5 years at Bentleys, an international network of accountants and business advisors with expertise in audit and assurance, business advisory, financial planning, superannuation and advice, trusts and estates and taxation. After gaining exposure to various divisions within Bentleys, Stephen became a Self-Managed Super Fund specialist. That role involved assisting high net worth clients with their superannuation fund structures and portfolios in a wide range of asset classes, including equities, managed funds, bonds, derivatives, and real estate. He has broad experience in and a solid understanding of the financial markets and investment vehicles, investment analysis and portfolio construction.

Stephen holds a Master of Business in Finance, a Bachelor of Business Administration in Accounting, and a Bachelor of Finance in Economics. Stephen is also a Member of FINSIA.