After Citi closed its public finance division, banker Archana Chandrasekhar took a unique path by pausing before diving back into the municipal market. This decision led her to start a new firm, Full Moon Capital, focusing on investing in purpose-built real estate developments at universities and hospitals.
During her 14-year tenure at Citi, Chandrasekhar specialized in higher education, healthcare, and social infrastructure transactions. She was drawn to complex deals that went beyond municipal finance, sparking her interest in project finance. Reflecting on her skill set, she saw an opportunity to make a different impact on the project side of the market.
Full Moon Capital targets small and mid-sized specialty or graduate institutions, offering investment opportunities in student housing, dining, workforce housing, and power plants. Chandrasekhar, along with four leaders from Rieth Jones Advisors, established the firm with expertise in market analysis, design, construction, financing, and operations.
While many smaller, private colleges are facing financial distress and declining enrollment, Chandrasekhar sees potential in overlooked institutions. She believes there are strong credits in niche schools that require support to grow. By focusing on off-balance-sheet projects funded through equity, Full Moon Capital aims to partner with developers to provide capital for projects.
Chandrasekhar highlighted the availability of capital in the market, including institutional investors, individuals, retail investors, and family offices interested in social infrastructure investments. She emphasized the importance of identifying opportunities in underserved segments of the market, such as smaller schools and specialty hospitals.
Archana Chandrasekhar’s journey from Citi’s public finance division to founding Full Moon Capital showcases her strategic shift towards project finance investments in real estate developments for universities and hospitals. With a focus on supporting niche institutions and off-balance-sheet projects, Chandrasekhar and her team at Full Moon Capital are poised to make a lasting impact in the market.