The fund plans to acquire and develop up to $1 billion of real estate assets. The sponsors of the fund have invested over $20 million in Fund VI. New Boston Fund president Jerry Rappaport Jr. says the firm began raising equity at the end of 2002. He notes that the amount of the fund exceeded the firm's targeted equity level.

David Keiran, senior vice president and chief equity officer of New Boston Fund, adds that the fund attracted a diverse mix of investors from high net-worth individuals and wealth advisors to institutional investors such as pension plans, endowments and foundations.

New Boston Fund executives say the firm's investment philosophy emphasizes capital preservation and current cash flow. The fund will pursue a balanced investment strategy combining a mix of core-plus and value-added acquisitions with selective risk-averse development, and is targeting a blended rate of return of 15 to 20%. The fund will focus on the acquisition of office, warehouse/distribution, flex/research and development, multifamily and retail properties in the $5-million to $70-million range in markets from Boston south to greater Washington, DC and Florida, and as far west as Chicago.