Art Falcone
Tony Avila
Bill Powers


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

Arthur Falcone has over 30 years of executive experience, giving him a diverse and extensive background in analyzing, purchasing, financing, developing and managing a wide range of real estate product types. Prior to Encore, Mr. Falcone served as Chief Executive Officer and Chairman of the Falcone Group, a vertically integrated real estate and land development organization with over 30,000 residential lots developed and over one billion dollars in sales.

In 1986, Falcone partnered with his brothers, Robert and Edward, to form the homebuilding and land development companies Transeastern Homes and Transeastern Properties. Within 15 years Transeastern had become the largest privately held homebuilder in the state of Florida and a top 25 homebuilder nationally. In 2005 the Falcone Family sold Transeastern to Technical Olympic USA in one of largest transactions in the history of homebuilding.

Mr. Falcone serves on the Board of Directors for Nova Southeastern University and was inducted into the school's Entrepreneur Hall of Fame in 2006. He also serves on the Board of Directors of Crohn's and Colitis National Foundation as well as the SOS Children's Villages Florida.

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

Over the past 15 years, Tony Avila has served as an advisor in over 25 homebuilding merger and acquisition transactions valued at over $6 billion and helped to raise approximately $10 billion in over 50 debt and equity issuances for publicly-traded and private homebuilding and land development companies.

His experience in the housing sector began during the last major recession when he worked at the Federal Home Loan Bank of San Francisco overseeing troubled, government-controlled savings and loans. He joined Montgomery Securities in 1996, which became 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/early 2002, he advised D.R. Horton for the acquisition of Schuler Homes, the second largest homebuilding acquisition in the U.S.

In 2002, Mr. Avila joined JMP Securities where he founded and lead the Homebuilding Investment Banking team for six years. Some notable transactions include advising Transeastern Properties on its sale to TOUSA in August 2005, advising Town and Country Homes on its sale to The Blackstone Group and K. Hovnanian Homes and advising on the formation of a $250 million joint venture between Metro Development and D.E. Shaw to acquire distressed land. In 2008, he advised MatlinPatterson Global Advisors LLC, a global distressed private equity firm, on its capital investment in Standard Pacific Homes. Most recently, Mr. Avila worked on the restructuring of $75 million of Beazer Homes debt and assisted in establishing a joint venture between GoldenTree Insite Partners and LGI Homes.

Mr. Avila is a graduate of U.C. Berkeley. He is a ULI member and active participant of the Community Development Council. Mr. Avila is a volunteer YMCA basketball coach and San Francisco Little League baseball coach. He is a member of the Finance Advisory Board for the Sisters of the Holy Family, a member of the Transforming Tomorrow committee for Moreau Catholic High School and a volunteer for the Framework for the Future Campaign for Schools of the Sacred Heart of San Francisco.

Bill Powers, Managing Principal, Investment Committee Member ^

Bill 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.