Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has reached the first closing for its Breakthrough Properties Growth Portfolio II fund at $430 million. In common with its inaugural life science investment fund, which closed at $3 billion in 2022, the new fund will invest in a diversified portfolio across leading innovation clusters in the U.S. and Europe. 

Participants in the first closing included institutional and private investors such as global asset managers, investment advisors, pension funds and family offices. Breakthrough plans to hold subsequent closings for the fund in 2026.

“This closing aligns with the most compelling investment window we’ve seen in years,” said Breakthrough CEO Dan Belldegrun. “Transitory market dynamics have generated the opportunity to acquire high quality assets at heavily disrupted pricing and to capitalize 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.”