Rubicon Point Partners is planning to invest up to $770m (€650m) in US real estate projects on behalf of its inaugural fund.

The San Francisco-based real estate investment company said its Rubicon First Ascent LP fund has raised $232m after receiving capital commitments from institutional investors including university endowments, foundations, family offices, and pension funds.

The manager said the value-add fund, which targets equity investments in locations throughout the San Francisco Bay Area and Pacific Northwest, has the ability to acquire up to $770m of property investment.

The fund has so far allocated 35% of its capital to new investments, including two projects in the Bay Area and one in the Puget Sound submarket, Rubicon Point said.

Ani Vartanian, a co-managing partner at Rubicon Point Partners, said: “I am immensely proud of the Rubicon team’s success to date, the evolution from investing first with a foundation, then with Canyon Partners through its merging manager program, and now to the successful close of our inaugural fund; it has been humbling, exciting and a testament to the strength, dedication, and heart of our team.

“With the office asset class finding itself at an inflexion point, Rubicon sees an opportunity for the type of creative investment management expertise at which we excel: creating a competitive advantage in reimagining the office for a broad spectrum of clients.”

Razmig Boladian, a co-managing partner at Rubicon Point Partners, said: “We are again poised to aggressively move forward on acquisitions with real estate owners, developers, and lenders to capitalize on the current environment and create strong returns for investors.”

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