DivcoWest intends to raise $2bn (€1.8bn) for its latest real estate fund, according to the Massachusetts Pension Reserves Investment Management Board (Mass PRIM).
If successful, DivcoWest Fund VI will be the largest-ever raised by the company, overtaking its predecessor which raised close to $1.6bn in 2017.
Mass PRIM disclosed the fundraising target in a board meeting document and said it had approved a $200m commitment to the fund.
DivcoWest declined a request for comment.
As previously reported, Teacher Retirement System of Texas has also invested $100m in DivcoWest Fund VI.
Mass PRIM, which rarely invests in commingled real estate funds, said DivcoWest had built up a strong track record.
The fund commitment will nearly double the size of Mass PRIM’s $286m non-core porfolio, which makes up about one quarter of its $7.1bn real estate exposure.