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Real Estate

Divco West closes fifth fund at $1.6 billion

Divco West Real Estate Services closed its $1.6 billion DivcoWest Fund V, said spokesman Andrew Neilly.

The fund exceeded its $1.5 billion fundraising target, as well as the $976 million closing of previous fund DivcoWest Fund IV. The fund will invest in real estate opportunities in targeted markets with a focus on office and research and development properties.

Investors include the $213.5 billion California State Teachers' Retirement System, West Sacramento; the $139.7 billion Texas Teacher Retirement System, Austin; Oregon Investment Council, Tigard, which oversees the $73 billion Oregon Public Employees Retirement Fund, Salem; and the $26 billion Texas Municipal Retirement System, Austin.