Philadelphia-based real estate fund manager BPG Properties has announced today the closing of BPG Investment Partnership VIII, the largest private equity fund in the firm’s 25-year history
Philadelphia-based real estate fund manager BPG Properties has announced today the closing of BPG Investment Partnership VIII, the largest private equity fund in the firm’s 25-year history with total equity commitments of USD850m. BPG will target office, multi-family, industrial, and retail investments throughout the US with the fund, which will have total buying power of USD3bn.
‘The response to Fund VIII from the institutional investor community was extremely positive,’ says BPG president and chief executive Daniel M. DiLella. ‘With our track record of strong returns and our demonstrated staying power, more than 90 percent of our existing investors committed to our latest offering and we quickly developed a waiting list of new investors who wanted to invest in the fund.’
BPG has raised more than USD2.8bn of equity through the formation of eight co-mingled, closed-ended funds and one co-investment fund. The firm’s investors include public and corporate pension plans, endowments, foundations, financial institutions and family trusts.
‘BPG’s investment strategy for Fund VIII will mirror the successful strategy we employed for our seven previous funds,’ says executive vice-president and chief operating officer Arthur P. Pasquarella. ‘We will continue to seek investments in which we add value through an intense direct operating platform.’
The firm employs more than 170 professionals at its headquarters in Philadelphia and offices in Chicago, Los Angeles, Boston, Washington, DC, and Raleigh. The firm’s current portfolio consists of more than 20 million square feet of office, retail, student housing and industrial properties and more than 25,000 apartment units throughout the US.