IRA Capital has launched a $500 million closed-end real estate fund focused on senior housing and medical properties acquisitions across the United States, the company announced last week. The fund is named the IRA Healthcare Real Estate Fund LP.
“We intend to acquire assets across the risk spectrum with a focus on core-plus and value-add opportunities. The diverse strategy will result in a balanced portfolio with a combination of yield and appreciation, while providing downside protection given the needs-based demand,” IRA Capital Co-founder Jay Gangwal said in a statement.
The real estate fund will focus on acquiring, developing and financing “well-located healthcare assets in high barrier-to-entry and supply-constrained markets,” according to the Irvine, CA-based private equity firm.
IRA said that the company “has demonstrated its ability to execute at scale over the past 13 years, having exited numerous investments to some of the largest institutions and public [real estate investment trusts].” It cited as examples its sale of a 19-property portfolio for approximately $300 million to Welltower in January 2020 and another 29-property portfolio for approximately $620 million to Nuveen Real Estate in August 2021.
Based in southern California, the private equity firm invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions and family offices. IRA’s principals will be co-investing in the new real estate fund alongside existing and new investors. Investors will have the opportunity to diversify capital across healthcare assets and geographic markets.
“The current capital markets environment is also presenting unique re-positioning opportunities that we expect will create significant value and generate outsized return,” Gangwal said.
