Creating annotated frame lexicons such as PropBank and FrameNet is expensive and labor intensive. We present a method to induce an embedded frame lexicon in an minimally supervised fashion using nothing more than unlabeled predicate-argument word pairs. We hypothesize that aggregating such pair selectional preferences across training leads us to a global understanding that captures predicate-argument frame structure. Our approach revolves around a novel integration between a predictive embedding model and an Indian Buffet Process posterior regularizer. We show, through our experimental evaluation, that we outperform baselines on two tasks and can learn an embedded frame lexicon that is able to capture some interesting generalities in relation to hand-crafted semantic frames.