Co-Founder Dan Bassichis to Lead Vero Capital while Co-Founder NBA Hall of Famer David Robinson will Remain Focused on Social Impact Work
NEW YORK – Nov. 29, 2022 – Admiral Capital Group, a real estate and private equity investment management firm founded in 2008 by Dan Bassichis and NBA Hall of Fame player and philanthropist, David Robinson, today announced plans to rebrand as Vero Capital. The investment platform, including the team and funds, will be managed by Vero Capital, led by Managing Partner Dan Bassichis. Through their Admiral partnership, Bassichis and Robinson will continue to collaborate on non-profit work and mentoring current and retired professional athletes on investing and philanthropy. Since the firm’s inception, Vero and Admiral have deployed more than $700 million of capital in transactions valued at more than $3 billion.
David Robinson, Admiral Capital co-founder, said, “Building Admiral with Dan has been one of the most valuable experiences of my career and has provided me with an incredibly rewarding financial and personal journey following my NBA retirement The success we have had, the number of investors who have placed their trust in us, and the countless people we have impacted over the last 15 years have exceeded my expectations by a wide margin,” continued Robinson. “I have complete confidence in Dan and our exceptional team to build on our well-established platform and take the firm to new levels of success. I am excited to focus my efforts on making an impact, mentoring others by sharing my experience in the education and investment fields and opening doors wherever possible.”
Under Bassichis’ leadership, the firm has evolved from a diversified real estate and private equity investor into a manager of targeted investment strategies by identifying and investing in emerging asset classes or capitalizing on market trends to deliver outsized growth and attractive, risk-adjusted returns for investors. In real estate, the company is focused on utilizing data and real time property performance to identify markets with the highest potential to deliver above average growth. Additionally, the company has developed the expertise to integrate technology, hospitality, and experiential workspaces into traditional multifamily, office and industrial spaces to generate additional income and value. Within real estate credit, the focus is on addressing a large unmet need for bridge financing for middle-market transactions. Prior investors in the firm’s discretionary funds include USAA Real Estate, Texas Teachers Retirement System and hundreds of other institutions, foundations, family offices and high-net-worth individuals.
Within private equity, Vero Capital’s extensive network of corporate, sports and entertainment executives serves as a competitive advantage allowing the company to source compelling co-investment opportunities alongside top-tier private equity firms and sponsors. Vero’s deep industry relationships also have provided valuable business development opportunities to the firm’s portfolio companies. Prior investments have included Centerplate, Academy Sports & Outdoors, and United Talent Agency, which acquired Klutch Sports.
Dan Bassichis, managing director of Vero Capital, said, “I left Goldman Sachs 15 years ago to partner with David Robinson to build an investment firm that would support the inspiring work he was doing to improve education in under-served communities. What we have built is far more meaningful than a business. Our partnership, along with all our investors, has evolved into a family and has created the foundation for our values and relationships with our partners. I couldn’t be prouder of our accomplishments and the strong reputation Admiral has built in the real estate and private equity sectors, a natural extension of the reputation David established during his playing career.”
The new company name, “Vero,” meaning truth, was chosen based on a street in Israel (Corda Vero Street), where Bassichis’ grandfather started a small business after leaving Poland in the 1930s to escape the Nazi invasion. Bassichis’ grandfather developed an eye for identifying and investing in emerging markets during the country’s early formation. In the 1950s, his grandfather acquired a beachfront property in a depressed area, which has since transitioned into a thriving neighborhood. This remains the home that Bassichis and his family visit every year with deep appreciation for its history and Bassichis’ grandfather’s legacy, which will continue through Vero Capital. Vero aspires to blend this visionary, long-term approach to investing with the strong values and foundation established by Admiral.
Tobias Harris of the Philadelphia 76ers said, “As a player in the NBA with a passion for investing and impact, I have been incredibly fortunate to have David and Dan as my friends and partners. David is the ultimate role model in transforming a platform on the court into a successful business that makes a meaningful impact in our communities. Additionally, Dan has been a business mentor helping me think about life beyond basketball. We all know about some of the mistakes pro athletes have made in the past, and I lean on David and Dan to help me avoid these pitfalls.”
John Urban, retired senior partner at Goldman Sachs, said, “I have been friends and then business partners with David and Dan for many years and have watched them build Admiral Capital from the start,” he continued. “It has been a real joy watching Admiral’s steady growth over the years and I look forward to continuing to invest alongside Dan and the Vero team and supporting all of David’s philanthropic endeavors.”
About Vero Capital
Vero Capital, originally founded as Admiral Capital Group in 2008 by David Robinson and Dan Bassichis, is a real estate and private equity firm. Since the firm’s inception, Vero and Admiral have deployed more than $700 million of capital in transactions valued at more than $3 billion by taking a nimble approach to rapidly evolving markets and investing in areas where the firm has deep expertise and has developed a competitive advantage. The real estate platform’s highly specialized teams seek to drive value by owning and operating assets in top job growth markets with the ability to generate incremental value through the integration of emerging trends in experiential workspace, technology, and hospitality. The real estate credit team aims to deliver value by investing in subordinate debt and preferred equity in segments of the market that are less liquid and offer higher yields. Vero’s private equity platform harnesses the firm’s corporate, sports and entertainment network to source opportunities to invest in and add value to operating companies, often alongside top-tier private equity firms. In partnership with David Robinson, Admiral will continue to focus on social impact and mentoring professional athletes on investing and philanthropy. Visit our website verocapital.com for more information.