$6M Fund Closes, Seeks $200M in Acquisitions

MANHATTAN BEACH, CA-Bancroft Capital LLC of Manhattan Beach has closed its Bancroft Opportunity Fund I with total committed capital of $6 million.

Partner Joe Lamkin tells GlobeSt.com the fund will partner with institutional investors to buy more than $200 million in “value-added” real estate assets in the western United States over the next 12 to 18 months.

Bancroft, which identifies the assets to buy, typically invests 10% of the equity in a purchase, with the institutional investor providing the remainder of the equity, Lamkin tells GlobeSt.com. Bancroft then typically manages the property as well.

Founded by Doug McDonald, the firm has acquired approximately $200 million in assets during its 10 years of operation. The company buys non-central business district office, light-industrial, R&D/laboratory and warehouse/distribution properties. Both outright and in partnerships, it owns 850,000 sf valued at approximately $85 million. Its institutional partners have included ING Barings, Credit Suisse First Boston, the Massachusetts State Carpenters Pension Fund, and Investcorp.