Ambrose Closes $400M Industrial Investment Fund
Founder and CEO Aasif Bade told CO his firm has already deployed 50% of its capital into projects in Florida, Denver and the Midwest
By Brian Pascus March 11, 2025 4:12 pm
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Ambrose, an Indianapolis-based developer of industrial and logistic warehouses, announced Tuesday that it has closed a $400.6 million investment fund, Ambrose Fund IV — the firm’s largest fundraise to date.
The fund is expected to capitalize speculative and build-to-suit industrial developments, logistics and e-commerce properties in Florida, Denver, Ohio and Indiana. The fund is already 50 percent deployed and is largely capitalized by investments from family offices, individual retirement account investors, life companies, and the Indiana Public Retirement System (IPRS).
Aasif Bade, founder and CEO of Ambrose, told CO that his firm relied on its 16-year record of developing and operating logistics, industrial and e-commerce facilities across various U.S. markets to bring investors on board for its fourth fund closing since 2019.
The firm had previously closed three other investment funds for a total capital raise of $250 million between November 2019 and January 2022, with the largest, Ambrose Fund III, closing just shy of $100 million.
“Traditionally, over the first decade after I founded the firm, we had family offices, and ultra-high-net-worth investors, who would invest deal by deal, and that morphed into the beginning of our fund management business,” said Bade. “We have primarily done development projects, but there’s been a lull of new supply and new construction because of the post-pandemic glut that is now slowly disappearing.”
Fund IV currently has capitalized 12 projects across the U.S. These include a 500,000-square-foot industrial warehouse for First Solar that is adjacent to the firm’s manufacturing hub facility in Louisiana and three industrial projects near the Orlando International Airport in Florida.
James Mattingly, director of real assets at IPRS, said his firm has watched Ambrose “generate incredible returns for its investors” over the last 15 years and praised the $400 million fundraise in what he called “a challenging economic period.”
“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,” said Mattingly.
Brian Pascus can be reached at bpascus@commercialobserver.com
