B
rasa Capital Management has secured $582m (€544m) for its latest US opportunistic real estate fund, Brasa Real Estate Fund III. This amount surpasses the previous fund by approximately 30%, with Brasa Real Estate Fund II having closed in 2022 at $450m.

    Several prominent institutional investors have committed to Fund III, including 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. As a Los Angeles-based real estate investment manager, Brasa focuses on middle-market residential and commercial assets in the Western US and Texas.

    The firm typically invests $10m-40m in various property types, with a focus on multifamily, industrial, and non-performing loans. Eric Samek, founder and managing director of Brasa, notes that despite a challenging fundraising environment, they were able to expand their investor base for Fund III. Investors were drawn to the firm's strategy of targeting inefficiencies in the less competitive middle market, resulting in interest from both existing and new investors.