CalPERS Adds $673M Bet With DivcoWest Life Sciences Venture
At its latest board meeting, the retirement fund approved a $673 million allocation for its DW Life Science Partners vehicle with the San Francisco-based investment firm, according to The Registry. This comes after an initial $500 million commitment last year.
The groups did not return requests for comment.
Recent marketwide headwinds — including rising interest rates and a receding tech sector — have hit the life sciences sector as well. But demand has remained steady for life sciences and medical office space, and activity in hub markets continues to grow, according to a midyear report from Newmark, with unbroken leasing and development momentum.
DivcoWest, a subsidiary of DivCore Capital, has acquired approximately 59 million square feet of commercial space, including office, research and development, lab, industrial, retail and multifamily real estate.
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