Basis Investment Group has raised $410m (€358.9m) for its debut US real estate fund.
The commercial property investor – primarily focused on debt and structured equity strategies – said the oversubscribed BIG Real Estate Fund I will have up to an additional $800m of capital (inclusive of leverage) to deploy.
The fund’s limited partners include public and private pension plans, investment management firms, financial institutions and sovereign wealth fund investors.
The fund’s portfolio currently consists of 20 investments.
Launched in November 2017, BIG Real Estate Fund I is a successor vehicle to seven prior joint ventures and separate accounts launched by Basis in the past 10 years, the manager said.
Tammy Jones, founder and CEO of Basis Investment Group, said: “We are extremely pleased by our latest fundraise, which is the most recent in a series of capital raises that we have engaged in over the last decade.
“The over commitment to our first closed-end commingled vehicle is a strong vote of confidence in our team, our platform and our investment approach.”
Jones said Basis invests across the capital stack in middle markets throughout the country, focusing on what the firm calls ‘Dequity’.
“We target opportunities that we have underwritten to provide equity-like returns for our investors as well as the downside protections of debt.”