Principals

Fifth Estate is a collaboration between DCM BlueLake, a Sydney-based family office, and Centennial Asset Management, an independent Australian funds management business with a small-cap focus.

Daniel Droga

Daniel is the co-founder and Chief Investment Officer of BlueLake Partners a privately-funded, alternate asset management company, which he established 20 years ago. Over that time, BlueLake has consistently outperformed the market across all cycles.

Matthew Kidman

Matthew is a co-founder and Principal of Centennial Asset Management, manager of The Level 18 Fund, which has delivered compound returns of 17% p.a. since its inception.


Prior to that, Matthew was the CIO at Wilson Asset Management for 13 years, helping to build the business and deliver an excellent long-term investment track record, achieving compound returns of 18% p.a. over that period.

Gary Joffe

Gary is a co-founder and Principal of Centennial Asset Management, manager of The Level 18 Fund, which has delivered compound returns of 17% p.a. since its inception.


Prior to that, Gary worked at CPH and Ellerston Capital for 10 years as a member of the investment team that saw the establishment and growth of Ellerston Capital's portfolio to more than $4b of funds under management.