Michael Katz: Investing Ahead of the Curve with HOPE Housing

When Michael Katz talks about his investing ethos, two principles stand out: alignment and simplicity. These values guided his decision to invest in HOPE Fund I,¹ a fund addressing home ownership affordability while aiming to deliver competitive returns. We sat down with Michael to explore his investing journey and why innovation in residential property resonates deeply with him.

A career spent leaning into innovation

Michael Katz is a prominent figure in Australia’s financial markets. From launching CommSec, Australia’s first mass-market digital broker, to chairing ING Bank Australia, his career has been defined by innovation. But his entry into finance wasn’t exactly planned—in fact it began on a ski field in the Swiss Alps.

“It was the glory days of the early 70s, and the Australian dollar was strong,” Katz recalls. “Not long out of university, I went to Europe for a ski season. After a season on the slopes, my skiing had improved, but so had my ambition. I decided to stay on, which led me to a PhD program at the University of Geneva.”

His time in Europe proved pivotal. A chance job as a research assistant at the University’s Business School led Katz to Citibank in 1981, just after the US dollar floated and the foreign exchange market emerged. “It was an incredible time to be in finance. I learned so much about this new and dynamic area of banking,” he reflects. That role eventually propelled Katz into global investment banking.

Investing ahead of the wave

Katz’s career has been a study in recognising trends early. This ethos extends to his personal investments, where he’s not afraid to view traditional asset classes through a new lens. Property, for instance, took an unconventional turn for Katz in 2001 when a trip to his local newsagency for wrapping paper sparked an idea.

“I realised the price per square meter of rural land in NSW was cheaper than the brown wrapping paper I was buying,” he says. That insight led to the establishment of Koolang Wagyu Australia, a sustainable Wagyu cattle operation in NSW’s Southern Tablelands. With biotechnology and biodiversity at its core, the farm reflects Katz’s belief in aligning investments with long-term trends.

“I’ve always looked for opportunities that are ahead of the wave. I guess that’s why I’m not the easiest client for advisors,” Katz quips.

Why HOPE Housing?

Katz’s investment in HOPE Fund I stems from the same forward-thinking mindset. It was a philanthropic endeavour that sharpened his attention on the housing crisis; while assisting the University of Sydney in recruiting a renowned Swedish researcher, Katz saw the deal collapse because Sydney’s housing market was unaffordable.

“That was the lightbulb moment,” he says. “If schemes like HOPE Fund I existed, it could have been a viable solution.”

While Katz doesn’t hold a portfolio of houses, he recognises the importance of residential property as the largest asset class in the world. The Fund provided a way to gain exposure to it without the complexity of direct ownership.

“What attracted me to HOPE Fund I was the alignment. It’s rare to find a structure where the goals of capital providers and end-users are so clearly aligned. That’s what I call ‘investment gold.’ Homeowners and the fund share the same objectives—they’re motivated to maintain and improve their properties because they directly benefit from healthy capital growth.”

A message to investors

For Katz, his investment into HOPE Fund I represents an opportunity to diversify into residential property without the headaches of traditional landlord models.

“If you’re looking for a way to add residential property exposure to your portfolio without taking on the typical landlord challenges, vehicles like HOPE Fund I are the answer,” Katz says. “It’s a simple product design, it’s aligned, and it’s not overleveraged. In this industry, that’s as close to a win-win as you’ll find.”