Brasa Capital Closes 3rd Fund With $582M in Commitments
Brasa Capital Management has closed its third and largest real estate fund, Brasa Real Estate Fund III, with $582 million in equity commitments. This marks an approximately 30 percent increase from the previous fund, which closed at $450 million, against a $300 million target.
The fund’s initial target was set to $750 million, according to the Private Equity Real Estate News. Out of a total of 22 investors, more than half are public pension funds, and 12 are first-time investors in Brasa. Approximately two-thirds of the capital raised will be directed toward industrial and residential assets.
The firm strategically invests in middle-market residential and commercial properties, focusing on the Western U.S. area and Texas. The company typically commits between $10 and $40 million in equity across various property types, with a strong focus on multifamily and industrial properties, as well as non-performing loans.
Since its establishment in 2018, Brasa has raised more than $1.3 billion in equity. The firm’s first fund closed in June 2019, with $120 million in commitments, exceeding its goal by $20 million.
At the end of last year, the company partnered with Paragon Commercial Group to purchase Huntington Oaks, a 328,711-square-foot shopping center in Monrovia, Calif. The duo took out a $55.9 million loan for the acquisition.
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