Rubicon Point Closes $232M Commingled Fund

Ani Vartanian, Co-Managing Partner, Rubicon Point Partners. Image courtesy of Rubicon Point Partners

Rubicon Point Partners has reached the final close of its inaugural commingled fund, Rubicon First Ascent LP, at a total of $232 million. The sum will provide the ability to make up to $770 million in property investments, according to the company.

The fund reportedly attracted a diverse assemblage of institutional investors, including university endowments, foundations, family offices and pension funds. Rubicon First Ascent targets value-add equity investments in creative office space in amenity-rich urban locations throughout the Bay Area and Pacific Northwest.

So far, the fund has allocated 35 percent of its capital to new investments, including two projects in the Bay Area and one in the Puget Sound region. A Rubicon spokesperson declined to provide further information on these transactions. In a prepared statement, Ani Vartanian, Rubicon’s co-managing partner, recapped the company’s evolution, from investing first with a foundation, the Kaiser Family Foundation; then 10 years as an investment manager for the Canyon Catalyst Fund, an Emerging Manager partnership managed by Canyon Partners on behalf of CalPERS; “and now to the successful close of our inaugural fund….”

“With the office asset class finding itself at an inflection point,” she continued, competitive advantage lies in “reimagining the office for a broad spectrum of clients.”

Founded in 2010 and led by Ani Vartanian and Razmig Boladian, Rubicon Point Partners is a woman- and minority-owned, vertically integrated operator, with in-house property and construction management.

Aiming for Infill

Rubicon Point Partners targets infill communities that benefit from proximity to mass transit, employment centers, amenities and services.

In April, Rubicon Point sold a two-building, nearly 250,000-square-foot office campus in San Mateo, Calif., to Longfellow Real Estate Partners for $156 million. The buyer stated that it plans to convert the asset into a life science property.