Brasa Capital Management has raised $582m (€544m) for its latest US opportunistic real estate fund.
The firm said the amount raised for Brasa Real Estate Fund III exceeded its predecessor by approximately 30%. Brasa Real Estate Fund II closed in 2022 with $450m worth of capital commitments.
As previously reported, Illinois Municipal Retirement Fund, State Universities Retirement System of Illinois, Teachers’ Retirement System of the State of Illinois and New York State Common Retirement Fund each committed to Fund III.
Brasa, a Los Angeles-based real estate investment manager, invests in middle-market residential and commercial assets across the capital stack in the Western US and Texas. The manager typically invests $10m-40m of equity in various property types, with a focus on multifamily, industrial and non-performing loans.
Eric Samek, Brasa’s founder and managing director, said: “In a difficult fundraising environment, we were still able to expand and diversify our institutional investor base of corporate pensions, public pensions and foundations for Fund III.
“Investors were intrigued by our strategy, where we seek to take advantage of the inefficiencies that we believe exist in the less competitive middle market and we received interest from both existing and new investors.”
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