BPG committed $65 million of its own capital in the fund. Daniel M. DiLella, president and CEO, says investors in Fund VII include public and corporate pension plans, endowments, foundations, financial institutions and high net-worth individuals.

The earlier Fund VI, which has total equity commitments of $384 million, is currently 90% invested. BPG is in the process of completing the investment period for this fund and anticipates investing the remaining Fund VI equity early in the second quarter of this year. On completion, it expects to immediately begin investing Fund VII, according to DiLella.

"BPG's investment strategy for Fund VII will mirror the strategy we employed for our six prior funds," notes Arthur P. Pasquarella, EVP and COO. "We will continue to seek investments in which we add value through an intense direct operating platform resulting in a portfolio diversified by property type and region."

Since 1993, BPG has raised more than $1.5 billion of equity through the formation of seven co-mingled funds and one co-investment. Its portfolio currently consists of more than 35 million sf of office, multifamily, retail, student housing, hotel and industrial properties throughout the US.