A four-part fundraising playbook (based on one firm’s success)
1. Focus:
If you’re not Blackstone or Brookfield, don’t pretend to be. Specialize in a region and/or strategy. Get close to deals. Cut out promotes where possible.
2. Familiarity:
Not a big-name manager? Bring in leaders from top firms. Secure a few recognizable anchor investors.
3. Diversity:
All else equal, many investors prefer to advance social and environmental goals.
4. Performance:
Investors aren’t just looking for a good story—they’re fiduciaries who need results.
Brasa Capital just put this playbook to work:
-- Closed its third opportunistic fund with $582M in commitments
-- Fell short of $750M target but raised 30% more than the prior fund
-- Secured over $100M via pension emerging manager pipelines
-- Big-name LPs include TRS Illinois, NYS CRF, and Artemis
-- Focused on smaller deal sizes ($10M to $40M)
-- Industrial and residential in Texas and West Coast
-- Led by former AEW executive Eric Samek
-- Targeted returns: 13-15% net IRR, 1.5x multiple
Here's Brasa's pitch deck for a prior fund, which we found in a pension fund's investment committee materials.
Congrats to Brasa for a successful raise in a very challenging environment and for being a needle in the haystack of pension funds' emerging manager programs.
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