Breakthrough Properties, a joint venture formed in 2019 by Tishman Speyer and Bellco Capital, has completed the initial close of the Breakthrough Life Science Property Fund. The fund has raised $1 billion in capital and co-investments and is continuing to seek additional capital for a perpetual investment vehicle attached to the fund.

Breakthrough Properties will utilize the fund to develop and acquire lab facilities in top life science markets globally.

Today, the needs of life science companies are rapidly evolving, due in large part to new market dynamics created by the pandemic. "The life science industry has experienced unprecedented productivity, innovation and scientific discovery in recent years as biotechnology and technology have been converging. The events of 2020 have further fueled the need for scientific innovations," said Arie Belldegrun, co-chairman of Breakthrough and chairman of Bellco, said in a statement about the firm's investment strategy.