Basis Investment Group raises $180m

The New York-headquartered firm held a first close for its debut fund.

Basis Investment Group held a first close for its BIG Real Estate Fund I at $180 million, aiming a total target size of $400 million.

Investors of the fund include State Universities Retirement System of Illinois, which agreed to invest 10 percent of the aggregate commitments to the fund. Another investor, New York State Common Retirement Fund committed $25 million to the fund.

The firm will use the capital to invest through opportunistic investment in retail and office sector in North America.