When Citi decided to close its public finance division, most of the bankers quickly transitioned to new roles in the municipal market. However, Archana Chandrasekhar took a different approach by taking time to pause and reflect before embarking on a new venture. After spending 14 years at Citi specializing in higher education, health care, and social infrastructure projects, Chandrasekhar recognized a unique skill set that extended beyond municipal finance to project finance.
Exploring New Territories
Chandrasekhar’s experience with complex deals and developer-driven public-private partnerships sparked her curiosity in project development. This interest led her to create Full Moon Capital, a firm focused on investing in purpose-built and acquired real estate developments at universities and hospitals. The firm targets smaller and mid-sized institutions, offering investment opportunities in student housing, dining, workforce housing, and power plants.
Full Moon Capital was established by Chandrasekhar and four leaders from Rieth Jones Advisors, each bringing a unique background to the table. The team’s expertise ranges from market analysis to design, construction, financing, and operations, providing a holistic approach to real estate investment. Chandrasekhar will also join RJA as a managing director, focusing on higher education, healthcare, and municipalities.
Chandrasekhar sees a market gap in smaller institutions that are often overlooked by large investment banks. While many private colleges face financial challenges, there are still strong credits seeking support for growth. By targeting niche schools and specialty hospitals, Full Moon Capital aims to provide capital for off-balance-sheet projects that may not attract mainstream investors.
Despite the financial pressures on universities and hospitals, there is a pool of capital available from various sources. Institutional investors, retail investors, and family offices are actively seeking opportunities to invest in real estate and social infrastructure projects. Chandrasekhar believes that there is untapped potential in funding smaller projects that traditional investment banks may overlook.
Archana Chandrasekhar’s transition from public finance to real estate development demonstrates the value of embracing change and seizing new opportunities. By leveraging her expertise and forming strategic partnerships, she is able to make a significant impact in the real estate market. Full Moon Capital’s focus on niche institutions and off-balance-sheet projects highlights the importance of recognizing overlooked opportunities and tapping into diverse sources of capital for growth and innovation.