Beacon Capital Partners is targeting $6 billion (€3.9 billion) for its latest real estate vehicle, Beacon Capital Strategic Partners VI.
BCSP VI – which held its first close in April – will continue the Boston-based firm’s focus on office properties in key urban, knowledge-based cities, according to people familiar with the matter.
Beacon closed its fifth value-added fund, BCSP V, on $4 billion last year beating its initial target of $3 billion in equity commitments. With leverage, the fund had a buying power of around $10 billion and was considered the largest global office-focused fund ever to be raised.
BCSP VI is expected to hold a final close at the end of the year, sources told PERE, and will expand Beacon’s focus on urban markets with supply constraints including Boston, Washington DC, New York, Los Angeles, San Francisco, Seattle, Chicago, London and Paris.
Led by Alan Leventhal, Beacon – formed in 1998 following the merger of its predecessor public company, Beacon Properties Corporation, and Equity Office Properties Trust – has raised $10.3 billion in closed-end funds since its inception.