Basis Investment Group, a national investment platform founded by Tammy Jones, held the final closing of its first commingled, closed-end Fund, BIG Real Estate Fund I, L.P.
Basis raised $410 million of capital commitments for the Fund, which was oversubscribed.
The Fund is a successor vehicle to seven prior joint ventures and separate accounts launched by Basis in the past 10 years. With the closing of the Fund, Basis has up to an additional $800 million of capital (inclusive of leverage) to deploy.
“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,” said Jones.
“Basis invests across the capital stack in middle markets throughout the country, focusing on what we call Dequity,” added Jones.
“We target opportunities that we have underwritten to provide equity-like returns for our investors as well as the downside protections of debt.”
Basis launched BIG Real Estate Fund I in November 2017 to capitalize on bridge and mezzanine debt, preferred equity, structured equity and B-piece investments in the US middle markets, which are backed by income-producing, commercial real estate and multifamily properties.
The Fund portfolio currently consists of 20 investments that are well diversified across a wide range of property types and regions – a key tenet of the firm’s investment philosophy.
Basis has built a 10-year track record leveraging the Dequity approach and the experience of a core team that has worked together for 18 years (through multiple market cycles).
The Fund is building on Basis’ track record by pursuing investments that provide a significant current income component, creating an immediate revenue stream for its investors from the moment their commitments were finalized.
The Fund’s limited partners include public and private pension plans, investment management firms, financial institutions and sovereign wealth fund investors.