GI Partners raises $1.5B for tech, life sciences properties

San Francisco-based GI Partners has raised $1.5 billion for its GI Real Estate Essential Tech + Science Fund, a vehicle that targets investments in what the company calls “always on” research and development facilities.

The fund, which launched last year, has so far made eight acquisitions. Its latest purchases came in February, when it added three life science properties in Massachusetts and North Carolina. The properties covered in the deal include 51 Melcher Street in Boston’s Seaport life sciences district, 3 Burlington Woods in Burlington, Massachusetts and Regency Woods in the Research Triangle Park in Raleigh.

The firm previously acquired three Bay Area assets, according to The Registry. The local properties include the Mt. Eden Research Park in Hayward, The Pointe in Redwood City and a portfolio of three Santa Clara data centers called the Walsh-Bowers Assemblage.

“We created the ETS Fund to build a diverse portfolio of tech and science assets which will provide a mix of income and growth,” said John Sheputis, the managing director of GI Partners.

The fund’s investor base is a mix of public pensions, corporate pensions, investment firms and financial institutions in the US, Canada and Europe.

Last year, the company raised $3.9 billion for its private equity fund GI Partners Fund VI. That fund, which was launched in November of 2020, has acquired shares in companies such as multifamily amenities provider Valet Living and automotive software firm Aras. Its investor base consisted of sovereign wealth funds and pensions in 15 countries.