Brasa Capital Closes First Fund With $120M in Commitments

The investment vehicle, which is targeting middle-market opportunities mainly in the Southern California region, exceeded its fundraising goal by $20 million.
Eric Samek, Founder, Brasa Capital Management. Image courtesy of Brasa Capital Management

Brasa Capital Management hits it out of the park with its first fund, Brasa Real Estate Fund LP. In the final close of the fund, the value-add real estate investment firm surpassed its $100 million goal with a capital raise of $120 million.

“The response from potential investors was very positive from the outset as they quickly recognized that opportunities in the middle markets were being overlooked,” Eric Samek, founder of Brasa Capital Management, told Commercial Property Executive. “We also proved it was an excellent way for investors to penetrate the competitive Southern California real estate market, which is where we are focusing a lot of our attention.”

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So far, Brasa Real Estate fund has provided debt or equity capital for seven endeavors, including a conversion project involving the transformation of a retail center into a medical building, a mixed-use development in North Hollywood in suburban Los Angeles, and a co-living redevelopment project in San Francisco. The fund is also serving as a joint venture partner on a 335,000-square-foot, ground-up industrial development in Las Vegas.

An auspicious start

The final close of Brasa Real Estate Fund comes just over one year after the formation of Brasa Capital. “As confident as we were in our investment thesis, with so much competition for institutional capital, surpassing your fundraising goal is always a pleasant surprise,” Samek said. Brasa Capital, which invests on behalf of pension funds and family offices, targets middle-market commercial real estate prospects across the Western U.S. and Texas. It invests across the capital stack, with an eye on deals involving $5 million to $25 million of equity.