About Me.
Professionally, Ashley identifies as a 'sceptical empiricist,' an expression adopted from the work of Nassim Taleb. The focus is on maximising risk-adjusted returns and policy impact from investment strategies, assets, transactions, and capital structures. With over 25 years of diverse, cross-functional experience in private equity, management consulting, and construction within the infrastructure and real estate sectors in the Pacific and Southern Africa regions, Ashley has established a strong record of accomplishments. Ashley excels in leading, structuring, analysing, and implementing complex strategies, transactions, and acquisitions for both public and private sector investors. Today, through Empirica Advisory, I serve as a fractional CFO and corporate finance advisor to owners and boards across real assets and SaaS, combining empirical discipline with decision-ready modelling and governance.
Ashley Kerfoot
Empirica Advisory
The term “Empirica” derives from “empirical”, meaning knowledge grounded in observation, evidence and outcomes. At Empirica Advisory, that translates to practical, data-driven work that moves from analysis to implementation, ensuring strategies are effective in real operating environments.
What I do
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Fractional finance (CFO-type): FP&A, board reporting rhythms, cash-flow runway, unit economics, pricing and KPI cadence.
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Corporate finance & transactions: Valuation, buy-/sell-side diligence, structuring and capital raising.
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Deal sourcing & underwriting (real assets): Off-market origination, sensitivities and credit-style underwriting across real estate and infrastructure.
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Project finance & real assets: Feasibility, debt sizing, lender cases and covenant frameworks.
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SaaS investment & modelling: Market sizing, cohorts, LTV/CAC, retention, scenario modelling and concise IC papers.
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Instruments & incentives: ESOP design, convertible notes, shareholder loans, rights issues and waterfalls (IFRS/IAS lens).
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Asset management & value creation: Repositioning, operational uplift and data-led execution to enhance NOI and value.
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Governance, risk & audit: Controls, risk registers, compliance rhythms and board-ready papers.
How I work
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Models that drive decisions: Robust, auditable models (3-statement, project finance, SaaS KPI) with cases, variance bridges and covenant tests.
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Data to action: Power BI dashboards, cohort and retention analysis, contribution margin and working-capital control.
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Cross-functional execution: Alignment with legal, lenders, property managers and operators to get complex deals over the line.
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Clear communication: Board packs and investor updates that turn complexity into choices.
Engagement model
I provide consulting engagements and contracted corporate roles (for example, interim Finance Director or Transaction Manager) so clients can access senior capability without long-term headcount. I integrate into existing teams to stabilise transitions, accelerate initiatives and prepare for funding or exit.
Selected work
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Fractional CFO mandates for founder-led companies, standardising reporting rhythms and fund-raising readiness.
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Corporate modelling and instrument design for SaaS clients with cap-table and accounting impacts addressed early.
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Evaluation of SaaS opportunities for private investors, producing diligence packs and investment-committee materials.
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Real estate and infrastructure underwriting and financing support from feasibility through lender conversations.
Leadership & credentials
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Non-Executive Director and Member, Finance, Risk and Audit Committee: CFA Society Australia
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Chartered Financial Analyst (CFA)
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Advisor to private investors and companies (Perth, Western Australia)
Philosophy
I aim to deliver exceptional risk-adjusted returns while fostering transparency, innovation and ethical leadership. Work is evidence-led, implementation-minded and measured against the decisions it enables, so boards and owners can act with confidence.
Let’s talk
If you are preparing for a transaction, need decision-grade models, or want a fractional CFO who can turn KPIs and cash into confident choices, Empirica Advisory can help.
Ashley Kerfoot
Principal - Empirica Advisory
Sectors
Roles and transactions have been undertaken in the following sectors:
Real assets
Real Estate
Hospitality and hotels, resorts, residential, build to rent, commercial offices, industrial and logistics, retail, student accommodation, seniors and aged care, social and affordable housing, mixed use and precincts
Transport & distribution
Road, rail, port, retail distribution
Leisure & tourism
Golf facilities, clubs, entertainment venues, sport and recreation
Utilities & energy services
Electrical maintenance, upgrades, metering, distributed energy, solar and storage, EV charging
Social infrastructure
Education facilities, health and community assets, civic buildings
Technology & data
SaaS & software
Change management platforms, workflow, analytics, pricing and billing, retention and cohorts, investor and IC reporting
Data & decision
Power BI dashboards, data pipelines that feed KPI cadence and governance
Public sector & partnerships
Government & PPP
Local and state government counterparties, leases under management orders, procurement and compliance rhythms
Professional Affiliations
Member of the CFA Institute
Director CFA Society Australia
Education
Chartered Financial Analyst
BSc (Building Science) Honours
University of Witwatersrand, South Africa
