Breakthrough Properties Raises $430M in First Close for Life Sciences Fund 

Breakthrough Properties—a joint venture between Tishman Speyer and Bellco Capital—has completed the first closing of its Breakthrough Properties Growth Portfolio II fund, securing $430 million in capital and co-investment commitments. The fund will invest in a diversified portfolio of Class A life science assets across leading U.S. and European markets. 

The new fund follows Breakthrough’s $3 billion inaugural life science vehicle, closed in 2022, which supported a nearly six-million-square-foot portfolio spanning purpose-built developments, value-add conversions, and core/core+ properties in eight of the world’s most active R&D hubs. More than 60% of Breakthrough’s global portfolio is leased to investment-grade life science leaders such as Pfizer, AstraZeneca, Eli Lilly, Bristol Myers Squibb, BD and Roche. 

Breakthrough’s flagship developments include Torrey Heights in San Diego, One Helix in Amsterdam and One Milestone at Harvard’s forthcoming Enterprise Research Campus in Boston. 

Participants in the first closing included global asset managers, investment advisors, pension funds and family offices. Additional closings are planned for 2026. 

“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,” said Dan Belldegrun, CEO of Breakthrough Properties. “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.” 

Pictured: Torrey Heights by Breakthrough – Photos by Jason O’Rear