MWBE Firm Basis Investment Closes $410M First Commingled Fund

NEW YORK CITY—Basis Investment Group, a New York-based certified Minority and Woman-owned business (MWBE), closed its first commingled, closed-ended fund, BIG Real Estate Fund I, L.P. Basis raised $410 million of capital commitments for the fund, which was oversubscribed.

The fund follows seven prior joint ventures and separate accounts which Basis has launched in the last 10 years. With the fund’s closing, Basis has up to an additional $800 million of capital including leverage to deploy.

“Basis invests across the capital stack in middle markets throughout the country, focusing on what we call ‘Dequity,’” says Tammy Jones, CEO of Basis Investment Group. “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, focusing on bridge and mezzanine debt, preferred equity, structured equity and B-piece investments in US middle markets, which are backed by income-producing, commercial real estate and multifamily properties. The fund portfolio currently has 20 diversified investments crossing a wide range of property types and regions.

As a strategy, Basis pursues investments that provide significant current income, creating an immediate revenue stream for its investors when commitments are finalized. The fund’s limited partners include public and private pension plans, investment management firms, financial institutions and sovereign wealth fund investors.

“We are excited to add our track record and capabilities to the list of firms owned by women and people of color that are generating alpha for our investors and blazing the trail for the investment managers that will follow us,” says Jones.