Home About Investment Themes Pilbara Water Fund Team Get in Touch
Western Australia's Specialist Fund Manager

Investing in
what matters
most.

Affinity Funds Management is a Perth-based specialist investment manager focused on the defining themes shaping Australia's economic future — infrastructure, natural resources, energy transition, food and water security, and Indigenous engagement.

Explore Our Themes Our Story
100+
Years
Institutional experience in senior leadership team
5
Core Investment Themes
Focused on transformative opportunities across the WA economy
WA
Locally Headquartered
Perth-based, with deep relationships across industry, government, and community
Scroll
About Us

Built on relationships,
driven by conviction.

Affinity Funds Management is the specialist investment management arm of Affinity Capital Group, one of Western Australia's leading integrated corporate finance and advisory firms. Founded on the belief that deep local knowledge and global institutional rigour are not mutually exclusive, we exist to connect investors with Western Australia's most compelling opportunities.

Our investment philosophy is anchored in five core themes we believe will define the next generation of value creation: energy transition and sustainability, food and water security, infrastructure and sovereign capability, natural resources and critical minerals, and Indigenous engagement and regional development.

We bring together a team of professionals with deep sector expertise, long-standing institutional relationships, and a genuine commitment to responsible, impact-oriented investing — built to deliver enduring outcomes for investors and communities alike.

Specialist sector knowledge
Institutional-grade governance
Long-term partnership approach
Responsible investment focus
Deep WA market relationships
Global investment experience
"Our ambition is straightforward: to build Western Australia's leading specialist funds management business — one built on trust, conviction, and a genuine understanding of where value is being created."
Adam Santa Maria Managing Director, Affinity Capital Group
Part of Affinity Capital Group

Affinity Capital Group is an integrated corporate finance and advisory house founded in Perth, specialising in the key global themes that drive change and growth. With expertise across strategic advisory, M&A, private equity, and capital markets, the Group provides the deal flow, networks, and origination capability that underpin our funds management activity.

Visit Affinity Capital Group
"Shaping transformative outcomes for investors and communities."
Explore Investment Themes
Where We Invest

Western Australia.
Where the world's
future is being built.

Western Australia sits at the intersection of the world's most consequential structural forces — the global energy transition, critical minerals supply chains, food and water security, and the long-term growth of Asia. Affinity invests where these forces converge, in one of the world's most resource-rich and strategically significant jurisdictions.

$244B+
or 38% of Australia's Total Exports
$458B+
Gross State Product
$42B+
In Planned State Infrastructure Commitments to 2029
WA
Headquartered, connected globally
Australia — Affinity investment focus
Investment Themes

Five themes.
One conviction.

We invest with focus and discipline, concentrating our expertise on the structural forces transforming the Australian economy. Each theme represents a long-term investment thesis backed by deep sector knowledge and proprietary deal flow.

01
Energy Transition & Sustainability
Investing in the infrastructure, technology, and projects enabling Australia's shift to clean energy — from renewable generation and storage to carbon management and grid transformation.
Learn More
02
Food & Water Security
Targeting critical assets and businesses underpinning the long-term security of food and water supply — including agribusiness, water infrastructure, desalination, and supply chain logistics.
Learn More
03
Infrastructure & Sovereign Capability
Partnering in essential infrastructure supporting national productivity and sovereign capability — ports, utilities, processing facilities, and critical services underpinning the WA economy.
Learn More
04
Natural Resources & Critical Minerals
Accessing opportunities across Western Australia's world-class resource sector, with particular focus on critical minerals essential to the global energy transition and advanced manufacturing supply chains.
Learn More
05
Indigenous Engagement & Regional Development
Investing alongside and in partnership with Indigenous communities and regional stakeholders — recognising that the most enduring value is created when investment benefits are shared, sovereignty is respected, and economic participation is genuine and lasting.
Affinity's deep engagement with Indigenous communities across Western Australia is a distinctive and enduring part of our investment approach.
Learn More
Affinity's Premier Offering

Affinity Pilbara
Water Fund

Australia's first institutional-scale core water infrastructure fund with Traditional Owner co-ownership: Delivering enduring financial returns, environmental resilience, sovereign water security and Indigenous prosperity.

A new c.$1.5bn Western Australian fund for critical Western Australian infrastructure and sovereign water supply, with co-ownership alongside Traditional Owners, alleviating abstraction from critical water reserves and delivering long-term, stable cash flows from Tier 1 counterparties.
Indicative Fund Structure
Affinity Pilbara Water Fund — Indicative fund structure Fund structure: APWF managed by AFM, co-owned with Yindjibarndi WaterCo, cashflows from DSDP and groundwater, restoring Millstream and Bungaroo aquifers. Affinity Pilbara Water Fund Wholesale managed investment trust manages Affinity Funds Management Fund manager Yindjibarndi WaterCo Asset owner · Yindjibarndi and Affinity's transaction vehicle High quality, long term cashflows Dampier Seawater Desalination Plant Parker Point, Dampier +8 GL/yr · First water early 2027 Additional sustainable groundwater sources Millstream North & other Pilbara areas Investigations underway Long term, multi decade agreements Rio Tinto Global Mining Major Water Corporation State-backed government utility Millstream & Bungaroo aquifer restoration Reduced abstraction restores culturally significant waterways for Yindjibarndi and Robe River Kuruma Peoples
01
Exclusive Critical Infrastructure
The only new industrial-scale water source in the West Pilbara capable of resolving the region's structural water supply shortfall.
02
High Quality, Investment Grade Income
Long duration Water Supply Agreements with an A-rated global mining major and AAA rated government utility.
03
Environmental Restoration
Reduces drawdown of the Millstream and Bungaroo aquifers, protecting environmentally and culturally significant water sources for the Yindjibarndi and Robe River Kuruma Peoples.
04
Indigenous Economic Outcomes
Generational legacy outcomes to be achieved for the Yindjibarndi People with a direct economic interest in the Projects and capability development via Yindjibarndi WaterCo as owner and operator.
05
Cashflows from Financial Close
First water expected early 2027. Transaction documentation and negotiations are well advanced. Full operational status expected late 2027.
c.$1.5B
Est. total fund size
10,000+
Homes in regional WA supplied
+8 GL
Annual water production
25+
Year water supply agreements
Tier 1
Investment-grade counterparties
Government & Community Outcomes
Sovereign Water Security
Delivers 4 GL/yr of reliable drinking water to 10,000 homes across Karratha, Wickham, Roebourne and Point Samson — climate-independent and resilient to reduced rainfall.
Seven Cities Vision
A cornerstone of the WA Government's Seven Cities vision — providing the water infrastructure needed to support housing, jobs and economic growth in Karratha.
Economic Diversification
Secures water supply for job-creating projects that diversify Karratha's economy, keeping WA's economy the strongest in the nation.
Indigenous Self-Determination
Empowers Yindjibarndi WaterCo to own and operate critical water infrastructure, building long-term operational capability through employment, training and contracting.
Environmental Resilience
Reduces Harding Dam dependency and restores the Millstream and Bungaroo aquifers to sustainable levels, protecting waterways of deep cultural significance to Traditional Owners.
Landmark Endorsement
Transaction announced jointly by WA Premier Roger Cook and Rio Tinto Iron Ore CEO Matthew Holcz — reflecting the highest level of government and corporate commitment to this transaction.
Yindjibarndi Partnership

The proposed Dampier Seawater Desalination transaction with Yindjibarndi WaterCo and Affinity Funds Management was announced jointly by WA Premier Roger Cook and Rio Tinto Iron Ore CEO Matthew Holcz in collaboration with Yindjibarndi Water — majority owned by the Yindjibarndi People. This transaction directly addresses the cultural and environmental hardship caused by decades of over-abstraction from the Millstream aquifer, the spiritual heart of Yindjibarndi Country, while delivering genuine economic self-determination for the community through long-term revenue, employment, and on-Country capability development.

"The agreement results from the Yindjibarndi People's longstanding drive to protect water on our Ngurra Country, and our goal to build shared understanding and shared responsibility. This is another step on the Yindjibarndi path to self-determination by delivering a secure, long-term economic return and, over time, enabling us to grow operational capability through employment, training and contracting arrangements."
Michael Woodley — Chair, Yindjibarndi Water
"This critical piece of infrastructure will do more than just support Karratha's growing population. It will help deliver a secure supply of water needed to deliver job-creating projects which will help to diversify the city's economy."
Hon. Roger Cook MLA — Premier of Western Australia
"This project has the potential to deliver lasting economic empowerment for the Yindjibarndi People while supporting the critical water infrastructure that underpins jobs and industry in the Pilbara for decades to come."
Hon. Daniel Pastorelli MLA — Minister for Mines, Petroleum & Exploration
Enquire About This Opportunity
This information is for wholesale and sophisticated investors only as defined under the Corporations Act 2001 (Cth). It does not constitute financial product advice, an offer to invest, or a solicitation to invest. All information is indicative only and subject to final negotiation. AFM is a Corporate Authorised Representative (CAR No. 001320377) of Eminence Global Asset Management Pty Ltd (AFSL No. 305573).
Our Team

Experience
you can trust.

Ben Palmer
BP
Ben Palmer
Managing Director & Chief Executive Officer
Ben Palmer is the Managing Director and Chief Executive Officer of Affinity Funds Management, bringing over 20 years of institutional investment and executive leadership experience to the role. Ben joined Affinity from GESB — Western Australia’s largest superannuation fund and a global top 300 pension fund — where he served as Chief Executive Officer from 2018, overseeing more than $46 billion in assets under management and 250,000 members. Under Ben’s leadership, GESB achieved top five national balanced fund performance in 2025 and successfully launched the landmark One Fund initiative — one of the most significant reforms in the fund’s 85-year history, allowing GESB members to pay non-government employer contributions to the fund for the first time. Prior to his appointment as CEO, Ben was head of investments for GESB’s global investment portfolio, and previously had responsibility for GESB’s private equity investment program and asset allocation strategies. Before returning to Australia in 2011, Ben spent eight years with Schroders in London, where he held senior roles including Head of Portfolio Management for the group’s UK private wealth business. Ben holds a Bachelor of Economics and a Graduate Diploma in Applied Finance and Investment and is a graduate of the Australian Institute of Company Directors.
Adam Santa Maria
ASM
Adam Santa Maria
Founding Chairman, Affinity Funds Management
Adam Santa Maria is the Founding Chairman of Affinity Funds Management and the founder and Managing Director of Affinity Capital Group. With over two decades of experience across corporate finance, M&A, capital markets, and strategic advisory, Adam brings a distinctive combination of transaction execution depth and principal investing experience. He has previously served as Executive Director of a natural resources focussed fund and has substantial governance experience across both listed and unlisted entities, including as CEO, Chair, General Counsel, and Non-Executive Director, and is responsible for the management of Affinity Capital Group's private equity interests — giving him an operator's perspective that is rare in funds management. Adam's investment focus is concentrated on Western Australia's most structurally significant sectors: resources and critical minerals, infrastructure and sovereign capability, and Indigenous engagement and regional development. His deep relationships across industry, government, and community — built over many years of advising on some of Australia's most consequential transactions — provide Affinity with proprietary access to opportunities that are not available through conventional channels. Adam holds advanced qualifications from the University of Western Australia, Harvard University, and the University of Oxford, and is a former WA Business News 40 Under 40 winner.
Demetrios Pynes
DP
Demetrios Pynes
Head of Transactions
Demetrios Pynes is the Head of Transactions at Affinity Funds Management. With over 25 years of experience spanning analytical, advisory, and executive roles, Demetrios brings a rare combination of investment expertise and hands-on operational leadership to the firm. He founded an industrial company and led it to an ASX listing, serving as Managing Director for seven years and growing it into the largest independent company in its sector — overseeing the acquisition and integration of more than 50 businesses. This track record gives Demetrios deep expertise in transaction structuring, due diligence, and post-acquisition integration that he brings to Affinity Funds Management. He has extensive experience navigating special situations including corporate restructuring, asset divestments, and catalyst-oriented M&A, and brings an expansive network of corporate and financial relationships built over decades of deal-making. Demetrios holds a Bachelor of Commerce majoring in Finance and Banking, postgraduate qualifications in Applied Finance and Investment (Portfolio Management), and is a Fellow of FINSIA, a Responsible Manager under an AFSL, and a graduate of the Australian Institute of Company Directors.
Simon Tan
ST
Simon Tan
Head of Infrastructure
Simon Tan is Head of Infrastructure at Affinity Funds Management, where he leads the identification, evaluation, and execution of investments across the firm’s infrastructure themes. He specialises in originating infrastructure opportunities and structuring complex transactions, including off-balance sheet delivery models. Simon combines international transaction and sector experience with local market knowledge. He spent 16 years at leading global infrastructure investment banks in London and Sydney before returning to Perth to build an equally deep career advising Western Australian government and infrastructure investors. As a Senior Director at Rothschild in London and Royal Bank of Canada in Sydney, he was appointed more than 45 times by the world’s leading infrastructure funds and institutional investors to advise on the acquisition and development of infrastructure assets across all infrastructure asset classes. He has completed over $24 billion in transactions, including the Australian Financial Review CFO Awards M&A Deal of the Year in 2010. Simon has deep government relationships and advisory, funding, and approval experience that provides Affinity with the ability to partner directly with governments on expanding or developing infrastructure. He has advised 16 government departments, agencies, and government trading enterprises, from the Western Australian Government through to the Prime Minister’s Policy Unit at 10 Downing Street, on infrastructure strategy, delivery, and asset sales. As Head of Infrastructure at KPMG Perth and subsequently Chief Adviser at the Western Australian Treasury Corporation, Simon has an intimate knowledge of Western Australia’s infrastructure conditions and opportunities. Simon holds a Bachelor of Commerce from the University of Western Australia, a Master of Electronic Commerce from Murdoch University, and a Graduate Diploma of Applied Finance and Investment from FINSIA. He was named Western Australian of the Year (Youth) in 1995.
Our team continues to grow.
Further appointments will be announced in due course.
Enquire About Opportunities
Get in Touch

Let's start a
conversation.

Whether you are an investor seeking to access Western Australia's most compelling opportunities, an asset owner looking for exposure to attractive long-term investments, or a business seeking a partner with genuine alignment — we would welcome the opportunity to speak with you.

Location Perth, Western Australia
Email enquiries@affinityfunds.com.au
Part of Affinity Capital Group affinitycapitalgroup.com.au
Important Notice

Affinity Funds Management notes Investment products are available to wholesale and sophisticated investors only. Past performance is not a reliable indicator of future performance.

Affinity Funds Management is an authorised representative of Eminence Global Asset Management Pty Ltd (ACN 112 568 779) ("EGAM") AFSL 305573.

Affinity Funds Management is in establishment phase. This website is for informational purposes only and does not constitute financial product advice, an offer to invest, or a solicitation to invest. Products are available to wholesale and sophisticated investors as defined under the Corporations Act 2001 (Cth). Affinity Funds Management Pty Ltd — Perth, Western Australia.