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Beacon Capital Partners closes value-added real estate fund at $1.58 billion

Beacon Capital Partners closed Beacon Capital Strategic Partners 8 at $1.58 billion, plus $220 million in co-investments, spokeswoman Maureen C. Richardson confirmed in an email.

The value-added office-sector real estate fund's initial target was $1.25 billion.

Investors in the fund, which was initially launched in May 2017, include the $219.2 billion California State Teachers' Retirement System, West Sacramento; and the $118.5 billion State of Wisconsin Investment Board, Madison.

The real estate investment firm's previous fund in this series, Beacon Capital Strategic Partners 7, closed on $1.082 billion in commitments in October 2015.

Beacon Capital Partners has closed on four investments in Fund 8, representing about $268 million, or 17% of the total equity, Ms. Richardson said.