IRVINE, Calif. — IRA Capital (“IRA”), a leading Southern-California based private equity firm, has announced the launch of IRA Healthcare Real Estate Fund, L.P. (the “Fund”) – a $500 Million closed-end fund focused on the acquisition of medical properties and senior housing assets across the United States.
IRA will be leveraging its compelling track record in healthcare real estate, which has averaged a net 48% annualized return and a net 1.7x equity multiple to its investors. IRA has been among the most active healthcare real estate investors in the United States. The firm 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 REITS. IRA sold a 19-property portfolio for approximately $300 Million to Welltower REIT in January 2020 and another 29-property portfolio for approximately $620 Million to Nuveen Real Estate in August 2021.
Having built one of the most reputable privately held healthcare real estate platforms in the country, IRA has established extensive relationships with health systems and medical providers. The firm has successfully utilized its relationships to source attractive opportunities and aggregate best-in-class assets. “Our firm’s expertise and exceptional track record in this niche asset class combined with strong secular trends uniquely positions us to deliver strong risk-adjusted returns for the Fund” says Amer Kasm, co-founder at IRA Capital.
The Fund will focus on the acquisition, development, and financing of well-located healthcare assets in high barrier-to-entry and supply-constrained markets. IRA’s principals will be co-investing alongside existing and new investors. The offering will be open to domestic and foreign endowments, pension funds, insurance companies, family offices, fund of funds, registered investment advisors, and other qualified high net-worth investors. Investors will have the opportunity to diversify capital across healthcare assets and geographic markets, with projected annualized net returns of 14%-16% and a net equity multiple of 1.7x-1.9x.
According to IRA Capital co-founder Jay Gangwal, “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. The current capital markets environment is also presenting unique re-positioning opportunities that we expect will create significant value and generate outsized returns.”
Sidley Austin LLP served as legal counsel in the Fund’s formation.
About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 by partners Amer Kasm, Samir Patel, Jay Gangwal, Amer Malas, and Mohannad Malas. IRA invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. Headquartered in Irvine California, IRA has acquired over seven million square feet of property in 30 states, with a total capitalization greater than $3 Billion.