Brasa Capital Management’s debut real estate investment fund has exceeded its $100m (€88.6m) fundraising target by 20%, the value-add real estate investment manager said.
Brasa Real Estate Fund received $120m in capital commitments from pension funds and family offices at final close.
Founded in March 2018 by former AEW Capital Management executive Eric Samek, Brasa Capital focuses on middle-market multifamily, office, industrial, and retail real estate opportunities throughout the Western US and Texas.
The manager targets transactions across the capital stack requiring $5m to $25m of equity.
To date, the fund has committed capital to seven investments including a non-performing loan, mezzanine debt, preferred equity, and joint venture equity.
Samek said the firm’s investors recognise the investment opportunity that exists as a result of the disproportionate allocation of capital to large transactions.
“Brasa Capital allows our partners to take advantage of the robust Southern California real estate market, a region that offers tremendous potential for value creation.”