Jadian Capital, an alternative investment firm with offices in New York City and Greenwich, Conn., has closed its first fund, Jadian Real Estate Fund I, with more than $650 million of commitments, well above its initial target of $400 million.
Leading institutional investors including state and corporate pension funds, endowments, foundations, investment managers and prominent family offices are among the fund’s investors. JREF I’s investments are expected to be in two categories—special situations and strategic or platform investments. To date, the fund has made a number of investments, including preferred equity in the largest independent developer of plasma collection centers, direct equity in a number of life science properties, subordinated debt in a data infrastructure company and structured financings in the residential sector.
Jarret Cohen, Jadian’s founder & managing partner, said in a prepared statement the team’s approach is to identify emerging opportunities in niche or nascent sectors that can become institutional over time. He added the team has a history of creating and scaling platforms to help talented operators grow, including investments ranging from bespoke financings to direct equity.
Founded by Cohen, the former head of private real estate at Fir Tree Partners, in 2017, Jadian invests throughout capital structures of real estate, related assets and asset-intensive businesses. Focused primarily on North America, Jadian has a value-oriented, opportunistic approach and seeks out investments in undervalued, high-quality assets and looks to non-core sectors with characteristics that could lead to long-term fundamental outperformance.
In September 2018, Jadian and a joint venture partner RBN Equities sold a 1,069-stall parking garage in Nashville, Tenn., to Stoltz Real Estate Partners for $54 million. The joint venture had acquired the 12-story structure in downtown Nashville in August 2015 for $26.2 million from LAZ Parking Realty Investors, according to public documents. Other investments listed on the firm’s website included teaming with a joint venture to acquire a portfolio of defaulted multifamily loans in New York City to pursue workouts and foreclosures; acquiring value-add self storage assets through a joint venture; and partnering with a distressed renewable energy developer to salvage its portfolio and growing the company into a leading utility-scale developer and operator of solar and wind assets.