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Deborah Smith’s journey to becoming Co-Founder and CEO of The CenterCap Group was nothing short of inspirational. Growing up on a rural Australian dairy farm, she learned the value of hard work and perseverance from a young age. Despite the challenges, Deborah’s dedication and guidance from mentors amassed along the way set her on a path that would take her from the Australian outback to the heights of investment banking. She holds a strong educational foundation, including Bachelor of Economics (Honors) and a Bachelor of Laws (Honors) degree from the University of Sydney. After university, she set out to practice tax law, but fate had other plans. An interview at Morgan Stanley redirected her into investment banking, where she discovered her true passion for analytics, strategy, and creative problem-solving. This spark ultimately led her to co-found The CenterCap Group, the first women-owned boutique investment bank exclusively in real estate- redefining leadership in the world of real estate finance.
The Key Inspiration behind Deborah’s Entrepreneurial Leap
After many years at bulge bracket investment banks, Deborah moved to CBREI Global Investors, to co-head their global M&A practice. Early on, she reviewed a portfolio they ultimately chose to pass on. Soon after, a colleague quipped, “Welcome to the buyside,” teaching her a lasting lesson in discipline and the importance of saying “no.” Not every deal is worth doing. Always think about the ‘why.’ That experience reshaped her view of the real estate sector. She came to recognize that investment banking teams often lacked the true “boots on the ground” perspective and a transaction discipline that was enough to overcome a desire to just do deals. This realization set her on the path to building a firm grounded in sector knowledge and advice with real substance – and a comfort with saying ‘no.’
In 2009, at the height of the financial crisis, Deborah co-founded The CenterCap Group – a boutique investment bank focused on real estate – driven by what Deborah and her co-founder saw as the shortcomings of the industry. To this day, Deborah adheres to a philosophy rooted in “Lifecycle Advisory,” offering services across every stage of a company’s journey – strategic advice, capital raising, and M&A expertise. Over the years, the firm has amassed an enviable reservoir of sector knowledge, deep capital relationships, and a keen understanding of both public and private markets. Unlike others, CenterCap remains fully independent, without research, trading operations, and outside capital – allowing the firm to provide advice purely informed by industry trends and seasoned perspective. With thousands of relationships across the sector, Deborah understands that getting a deal done is far easier than getting the right deal done. That’s the firm focus – even if it means advising a client to walk away. Because they answer only to their clients, they have the freedom to do so – and in return, they earn lasting trust. Their clientele and relationships network spans public and private companies, from REITs and investment managers to operators, as well as major sources of capital such as pensions, endowments, foundations, and insurers. CenterCap takes pride in delivering unmatched results and staying relentlessly dedicated to their clients’ success. Sixteen years later, the strategy they set out with has proven its worth – it has been an extraordinary journey.
Achieving Balance as a Leader
Deborah finds balance in her demanding role by prioritizing her well-being and leveraging her support systems. Running serves as her anchor, clearing her mind and fostering creativity. Her best ideas often come when she stops forcing them. Balancing life as a parent, spouse, and professional takes careful juggling. It also requires a strong village, steady support, and plenty of give-and-take. For Deborah, though, it’s about deciding what she wants and then making it happen. She may not have much downtime, but that’s exactly how she likes it – always pushing forward toward new goals and achievements.
What Makes The CenterCap Group Stands Out?
CenterCap stands out in the real assets space for its unparalleled expertise and deep understanding of both real estate and corporate strategy. With an average of more than 25 years of experience across its senior leadership, the firm provides informed, hands-on advice to REOCs, REITs, insurance companies, LPs, and investment managers. It is the breadth of their access and connectivity that sets them apart. This diversity provides the firm with a unique ability to triangulate information from a broad range of perspectives. As a result, the quality, granularity, and credibility of the information that drives CenterCap’s views is unlike anything Deborah has seen elsewhere in investment banking. It’s this multidimensional perspective that allows CenterCap not only to form differentiated insights, but also to stand behind them with conviction.
The Impact of Being a Women-Owned Business
Being an entrepreneur is hard work, and not everyone is cut out for it – regardless of gender. Deborah is not sure she would have started CenterCap or even embarked on this journey at all if she didn’t have a partner. There were obvious obstacles in starting a women-owned investment bank during the GFC – especially one focused on real estate. How crazy is that notion? The industry is very male-dominated, and the number of female C-suite executives she interacts with regularly is small.
But Deborah believes women executives bring something different to the table. She believes that as women, they care more, work harder, and feel more vested in doing the right thing and achieving the best outcomes for our clients. Do they think they get rewarded for that? Deborah likes to think so. Their success rate in getting things done is impressive. Their growth engine is driven by a loyal growing client list and referrals. Some of their clients have been working with them in some capacity for years. Deborah is often asked how success has been achieved, particularly as women, and her honest answer is by refusing to be told what can’t be done and only being interested in what can be done. In her experience, being a successful entrepreneur requires not second-guessing your decisions because hindsight is always twenty-twenty. And as a wise Morgan Stanley banker told Deborah when she was in her twenties – Your career is what you choose to make it.
Shaping the Future of Real Estate Investment
The real estate investment landscape is undergoing a profound transformation. An influx of new entrants, shifting capital flows, and the commoditization of information have fundamentally altered the competitive field. In this climate, agility is essential for survival; vision is what drives success. Within this dynamic backdrop, CenterCap has distinguished itself. Deborah focuses beyond the noise—anticipating where the market is going, not just where it is today—which sets CenterCap apart. From recognizing the rising role of insurance capital as a long-term investment partner, to spotting niche strategies before they reach the mainstream, to understanding the growing convergence of real estate and infrastructure, CenterCap has built a reputation for turning volatility into opportunity.
The Role of Technology in M&A Strategy
When thinking about technology and professionals today – especially in real estate – the difference lies in their ability to synthesize information, apply it effectively, and exercise judgment in making sound decisions. Real estate, in many respects, has been slow to embrace technology. Some may disagree, but having worked in the PropTech space, Deborah has seen firsthand how the industry has struggled to adopt it in truly transformative ways that fundamentally change how business is done. Part of the reason is generational; many leaders still rely heavily on experience, history, and on-the-job training to guide decisions. Simultaneously, Deborah recognizes the value AI brings. She appreciates being able to type in almost any question and get a reasonable answer in seconds. But in her world, that’s only part of the equation. Clients don’t hire CenterCap for information; they hire CenterCap for judgment: how they are able to interpret, analyze, and translate information into strategies and solutions that actually move their clients’ business forward.
A Vision for the Future
CenterCap’s mission is to be the premier middle-market investment banking advisor – the best in every service they offer. What makes Deborah and her team unique is that no other firm does quite what they do. These past couple of years have been their busiest yet, and they are even more energized about what lies ahead in 2026 and beyond. As they continue to grow across all business segments, they are also charting a new path – making principal investments of their own. One of their greatest strengths has always been underwriting strong management teams and identifying scalable niche opportunities, which makes early-stage investing a natural extension. It’s exciting to push boundaries, step into new territory, and broaden horizons.
Advice for Young Professionals
What distinguishes remarkable women is not only their ability to communicate effectively, but also the substance and credibility behind their words. Having a distinct perspective and the confidence to express are essential skills. While women are often recognized for their nurturing qualities, those who succeed also demonstrate the courage to make bold decisions and speak with conviction. When facing difficult choices, the key is to gather the facts, seek counsel, and then act decisively. Make bold decisions, own them, and move forward. She has carried this philosophy throughout her journey – never look back, because what’s done is done.
Leaving a Lasting Legacy
The legacy Deborah would like to leave in this industry is one of substance, credibility, and impact. She wants to be remembered not just for completing transactions, but for shaping how people think about them – helping clients focus on the right deals, not just any deal. She hopes to inspire more women to recognize that they can succeed in an industry that has often lacked diversity by leading with conviction, bold decision-making, and a unique perspective. You can come from anywhere, any background, and achieve great things. At CenterCap, the aim has always been to provide advice grounded in deep sector knowledge and real insight, and she would like that approach to endure as part of her contribution to the field. If she can leave behind a standard of judgment-driven, thoughtful advisory work – and open the door wider for the next generation of women leaders in finance – then she will consider that a legacy worth having.
