Beacon Capital Partners has completed the fundraising for its value-add office with $1.58bn (€1.4bn) of commitments, exceeding the $1.25bn  target.

The manager said Beacon Capital Strategic Partners 8 fund has also received $220m as an initial co-investment equity from some of the investors in the fund.

BCSP 8 received commitments coming from a combination of repeat and new investors including major US pension funds, foreign pensions, sovereign wealth funds, financial institutions, endowments and foundations, the manager said.

As previously reported, the fund received $300m from California State Teachers Retirement System and a $100m commitment from State of Wisconsin Investment Board.

BCSP 8 will acquire under-performing US office assets and transform them through significant capital improvements and leasing.

Fred Seigel, president and chief operating office for Beacon Capital Partners, said: “We are grateful for the continued support from our existing investor base, and we are pleased to welcome a number of new partners.”

The fund has already acquired its first assets in Chicago, Glendale, San Jose and Washington DC, Seigel. said.