DivcoWest has raised $2.25bn (€1.9bn) for its latest US real estate fund to invest mostly in value-add office and life science-related properties.
DivcoWest said the DivcoWest Fund VI, which was launched in October last year to raise $1.5bn with a $2.25bn hardcap target, achieved a final close at the end of September.
The predecessor DivcoWest Fund V fund raised $1.59bn in September 2017.
Heather Meyerdirk, DivcoWest’s head of capital strategies and formation, said: “Fund VI’s raise has allowed us to expand our capital base with key foreign relationships, while also growing and expanding our domestic partnerships.”
As previously reported, the California State Teachers’ Retirement System, the New Jersey Division of Investment, the Oregon Public Employees Retirement Fund and the Massachusetts Pension Reserves Investment Management Board have each backed the fund.
Overall, the investors in the fund included a mix of domestic public and corporate pension funds, insurance companies, sovereign wealth funds and high net-worth individuals.
Stuart Shiff, DivcoWest CEO and founder, said: “Like our tenants, we constantly have to innovate. Through the current volatility, and leveraging on our team’s experience, we believe we have an opportunity in Fund VI to capitalise on dislocations and explore and transform the markets where we do business.”
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