BPG closes $850m private equity real estate fund.

Daniel M. DiLella, president and chief executive officer of BPG Properties, Ltd. announced the closing of the largest private equity fund in the firm's 25-year history.

BPG Investment Partnership VIII, L.P. closed with total equity commitments of $850 million. BPG will target office, multi-family, industrial, and retail investments throughout the United States.

"The response to Fund VIII from the institutional investor community was extremely positive," said DiLella. "With our track record of strong returns and our demonstrated staying power, over ninety percent of our existing investors committed to our latest offering and we quickly developed a waiting list of new investors who wanted to invest in the Fund."

BPG has raised over $2.8 billion of equity through the formation of eight co-mingled, closed end funds and one co-investment fund. BPG's investors include public and corporate pension plans, endowments, foundations, financial institutions, and family trusts.

"BPG's investment strategy for Fund VIII will mirror the successful Strategy we employed for our seven prior funds," said Arthur P. Pasquarella, executive vice president and chief operating officer of BPG. "We will continue to seek investments in which we add value through an intense direct operating platform." BPG continues to expand its presence throughout the United States. Based in the Philadelphia area, BPG employs over 170 professionals with offices in Chicago, Los Angeles, Boston, Washington, DC, and Raleigh.

The firm's current portfolio consists of over 20 million square feet of office, retail, student housing and industrial properties and more than 25,000 apartment units in over 100 communities located throughout the United States.