Private Equity Real Estate reports on a new $850 million fund that will invest in office, multi-family, industrial and retail sectors in the US.
Philadelphia-based BPG Properties has closed its latest fund on more than $850 million (€619 million). The new fund, BPG Investment Partnership VIII, will invest in the office, multi-family, industrial and retail sectors in the US.“BPG's investment strategy for Fund VIII will mirror the successful strategy we employed for our seven prior funds,” Arthur Pasquarella, executive vice president and chief operating officer of the firm, said in a statement. “We will continue to seek investments in which we add value through an intense direct operating platform.”
According to Daniel DiLella, the president and chief executive officer at BPG, more than 90 percent of previous limited partners returned to the fund—and some new investors had to be turned away. Investors in the fund include public and corporate pensions, endowments, foundations, family trusts and financial institutions, according to the firm.
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