NBA's David Robinson to Raise Money for a Second Private-Equity Fundby
Basketball hall-of-famer started Admiral Capital in 2007
Admiral's investors include USAA and Texas Teacher Retirement
Basketball hall-of-famer David Robinson is opening a second private-equity fund, a person with direct knowledge of the matter said.
Admiral Capital Real Estate Fund 2 has received $50 million in investments, said the person, who asked not to be identified because the information is private. The fund is targeting $175 million in investments, the person said.
Dan Bassichis, Admiral’s co-founder and a former Goldman Sachs Group Inc. investment banker, declined to comment.
Robinson, a U.S. Naval Academy graduate, founded Admiral Capital, a real estate-focused private-equity fund that raised about $115 million and acquired around $350 million worth of assets, in 2007. It received $50 million from United Services Automobile Association, which offers banking, investing and insurance to members and families of the U.S. military, and $15 million from the Teacher Retirement System of Texas.
Admiral Capital has sold seven of its 11 original investments. As of September 2014 it was valued at 24 percent more than investors’ original commitments. Real estate funds typically try to double investors’ money over a decade.
Robinson was nicknamed “The Admiral” during his basketball career. He played for 14 years with the National Basketball Association’s San Antonio Spurs, helping to win two championships.
Robinson has said his mission is to use 10 percent of the fund’s profit to support lower income communities and education.