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Embarcadero holds second close on fourth fund
Embarcadero Capital Partners has held a second close for its fourth fund, Embarcadero Capital Partners IV, bringing committed capital to approximately $152 million. The fund is expected to hold a final close in April and has an approximate fundraising target of $300 million. Eric Yopes, principal with ECP, has confirmed the second close.
ECP IV will target office and office/R&D properties in the San Francisco Bay Area, select markets in Los Angeles and select markets in Seattle. “[These regions] are some of the few places in the country that are really seeing robust job growth,” commented Yopes. The fund, which will use 60–65 percent leverage, uses a wide variety of investment strategies, including traditional value-add redevelopment/repositioning as well as opportunistic buys of under-leased properties.
To date, the new fund has made two investments. The Gold Street Technology Center