Rubicon Point Partners, a San Francisco, California-based real estate investment company, has closed its inaugural commingled fund, Rubicon First Ascent LP, with a total of $232 million of assets and the ability to acquire up to $770 million of property investment.
Rubicon Point Partners is a woman- and minority-owned, vertically integrated operator, with property and construction management in-house. The firm leverages a proprietary technology and data platform to further enhance its investments strategy. It has served for more than 10 years as an investment manager for the Canyon Catalyst Fund, an Emerging Manager partnership managed by Canyon Partners on behalf of CalPERS.
“I am immensely proud of the Rubicon team’s success to date, the evolution from investing first with a foundation, then with Canyon Partners through its Emerging Manager program, and now to the successful close of our inaugural fund; it has been humbling, exciting and a testament to the strength, dedication, and heart of our team,” said Ani Vartanian, Rubicon co-managing partner. “With the office asset class finding itself at an inflection point, Rubicon sees an opportunity for the type of creative investment management expertise at which we excel: creating a competitive advantage in reimagining the office for a broad spectrum of clients.”
Rubicon First Ascent attracted a diverse universe of institutional investors including university endowments, foundations, family offices and pension funds. The Fund targets value-add equity investments in creative office space in urban, amenity-rich locations throughout the Bay Area and Pacific Northwest. To date, the Fund has allocated 35% of its capital to new investments, including two projects in the Bay Area and one in the Puget Sound submarket.
Separately, prior to this fund, Rubicon invested on behalf of the Kaiser Family Foundation.
“Rubicon’s proprietary data analytics, including AI technology, is key to our ability to innovate within the commercial real estate industry, and is truly at the forefront in this space,” said Razmig Boladian, Rubicon co-managing partner. “We are again poised to aggressively move forward on acquisitions with real estate owners, developers, and lenders to capitalize on the current environment and create strong returns for investors.”
