Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has raised $430m (€371m) at the first closing of its Breakthrough Properties Growth Portfolio II fund.
The fund attracted direct capital and co-investment commitments and follows Breakthrough’s inaugural life-science real estate fund, which closed in 2022 with $3bn in capital.
The latest fund will invest in a diversified portfolio of prime life science real estate across leading innovation clusters in the US and Europe, the firm said.
Its predecessor built up a portfolio spanning nearly 6m sqft, including Torrey Heights in San Diego, One Helix in Amsterdam and One Milestone at the forthcoming Harvard Enterprise Research Campus in Boston.
Participants in the first closing included institutional and private investors, such as global asset managers, investment advisers, pension funds and family offices. Breakthrough, which plans to hold subsequent closings for the fund in 2026, said it will invest across a range of asset profiles and markets, targeting a blended value-add return.
Dan Belldegrun, CEO of Breakthrough Properties, said: “This closing aligns with the most compelling investment window we’ve seen in years. Transitory market dynamics have generated the opportunity to acquire high quality assets at heavily disrupted pricing and to capitalise on the sector’s long-term structural tailwinds.
“The incredible power of science is only accelerating, generalist investors are retreating and new supply is entirely shut off. We believe these are precisely the ingredients for a fantastic investment vintage. We’re grateful to our partners for supporting Breakthrough’s exciting next chapter.”
Tishman Speyer CEO and Breakthrough co-chairman Rob Speyer said: “The first close of Breakthrough’s second fund demonstrates the trust we’ve built with our investment partners. Our initial fund delivered proof of concept. This fund allows us to flex all of Breakthrough’s muscles and scale an exceptional portfolio.”
Breakthrough Properties CIO Dan D’Orazi added: “Our investment approach will continue to centre around class-A assets in prime locations, with an emphasis on attractive entry points and improving market fundamentals. Breakthrough’s dedicated life-science platform, supported by our partners at Tishman Speyer and Bellco Capital, forms a deep expertise, relationship network and global reach that uniquely positions us to capitalise on opportunities emerging across the market.”
To read the latest IPE Real Assets magazine click here.
