DivcoWest closed its sixth value-added real estate fund, the $2.25 billion DivcoWest Fund VI, which was oversubscribed and above its $1.5 billion fundraising target, spokesman Andrew Neilly said.
The latest fund is DivcoWest's largest to date. Its predecessor fund, DivcoWest Fund V, closed with $1.6 billion in 2017.
DivcoWest's new fund will primarily target investments and locations serving the innovation and life-science sectors.
Investors in the fund include the $155.2 billion Texas Teacher Retirement System, Austin; New Jersey Division of Investment, which makes investments for the $76.7 billion New Jersey Pension Fund, Trenton; $75.3 billion Oregon Public Employees Retirement Fund, Tigard; and $75 billion Massachusetts Pension Reserves Investment Management Board, Boston.