Breakthrough Properties Closes on Largest-Ever Fund for Life Sciences Real Estate
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has reached the final closings for the Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of ecosystems for dynamic early-, mid-, and late-stage life science companies.
The $3 billion raised in fund and co-investment capital surpassed Breakthrough’s initial $1.5-billion target. It’s believed to be the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios, according to CBRE and JLL Research. The fund was raised from a diverse group of institutional investors, sovereign wealth funds and high net worth individuals across four continents.
Founded in 2019, Breakthrough has established itself as one of the most active players in the life science sector. It has 4.6 million square feet of projects in the pipeline across San Diego, Boston/Cambridge, Philadelphia, Amsterdam, Oxford and Cambridge, UK.