Brasa Capital Management

Brasa Capital Management is a registered investment adviser that manages pooled private real estate funds, including blind pool funds and single‑asset funds, for institutional investors, family offices, and high‑net‑worth investors. As of December 31, 2025 the firm reported approximately $1.37 billion in regulatory assets under management and generally provides discretionary investment management to those Fund vehicles, which typically have minimum commitments in the $5 million to $10 million range.

The firm focuses on institutional‑quality real estate in growing sub‑markets in the Western U.S. and Texas and pursues opportunistic and value‑add strategies across the capital stack, making direct equity, debt, and joint‑venture investments. Sourcing combines top‑down, thesis‑driven market analysis with bottom‑up, relationship‑driven opportunities, and the Funds often execute business plans such as asset repositionings, conversions, and ground‑up development while using leverage (including borrowings that can precede capital calls).

Noteworthy disclosures in the brochure include the firm’s use of third‑party placement agents and compensated endorsements in its marketing (including Rule 206(4)‑1 considerations), and the treatment of certain Single Asset Funds and Legacy Accounts as non‑advisory clients under the Advisers Act, which affects custody and reporting practices. The firm also highlights potential conflicts arising from side letters, co‑investments, and Proprietary or Legacy Account activity and describes policies, allocation procedures, and a code of ethics intended to address those conflicts.