Ambrose Fund IV invests in the speculative and build-to-suit development and acquisition of Class A industrial, logistics and e-commerce assets in key markets across the U.S.
INDIANAPOLIS – Ambrose, a leading investor, developer, and operator of industrial, logistics and e-commerce real estate, today announced the final close of Ambrose Fund IV, LP (“Ambrose IV” or the “Fund”). Ambrose raised $400,625,000 through equity commitments to the Fund and related vehicles. The Fund represents Ambrose’s largest fund to date and reflects the evolution of its investor base, which comprises a diverse mix of public pension funds including the Indiana Public Retirement System (INPRS), insurance companies and family offices, such as Jordan Park.
Ambrose IV will target speculative and build-to-suit development and acquisitions of Class A industrial, logistics and e-commerce assets across the U.S. – primarily in the Midwest, Mountain States and the Southeast. The Fund is approximately 50% deployed with a strong pipeline of new development and acquisitions. The Fund has launched construction on 12 projects across Florida, Louisiana, Indiana and Ohio, as well as acquired a cash flow-generating three-building portfolio in Denver with compelling near-term value creation opportunities. The Fund has also acquired four land positions across Ohio and Indiana at an attractive, below-market land basis, with the potential to support six additional development projects.
Aasif Bade, Founder and CEO of Ambrose, said, “Completing our largest raise to date and making significant strides toward investor diversification in this challenging fundraising environment reflect both the strength of our incredible team of internal and external partners and our successful track record. Our fund strategy is supported by compelling secular tailwinds, including the increasing absorption of the glut of pandemic-era industrial development; decreasing new construction due to high interest rates and capital constraints; and consistently growing demand for efficient, well-located Class A industrial, logistics and e-commerce product. Given our deployment timelines, we expect the vintages in this portfolio will be well timed to capitalize on anticipated decreases in supply across our target markets over the next few years.”
Since its founding in 2008, Ambrose has built an impressive track record of developing projects on time and on budget, having completed $2.9 billion in industrial assets since 2020 comprising 61 projects and 19.4 million square feet. Moreover, Ambrose has a robust pipeline of strategically located entitled and powered land that is well positioned to benefit from increasing demand for warehousing, manufacturing and data center space.
James Mattingly, Director of Real Assets at INPRS, said, “Over the past 15 years, INPRS has watched Ambrose grow their business into an institutional platform that generates incredible returns for its investors. It is impressive what they have been able to accomplish, specifically with regard to Fund IV and during what has been a challenging economic period within the market. We are proud to be their largest investor to date and look forward to partnering together in generating continued high returns for the members we serve across Indiana.”
Hodes Weill Securities acted as financial advisor and placement agent for Ambrose in connection with the formation and capitalization of the fund. Goodwin Procter, LLP served as legal advisor.
