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Adviser Profile

As of Date 05/02/2024
Adviser Type - Large advisory firm
Number of Employees 76 15.15%
of those in investment advisory functions 19 5.56%
Registration SEC, Approved, 09/04/2020
AUM* 2,570,555,648 -9.34%
of that, discretionary 2,570,555,648 -9.34%
Private Fund GAV* 2,570,555,648 -9.34%
Avg Account Size 233,686,877 -25.83%
SMA’s No
Private Funds 11 2
Contact Info 213 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
3B 2B 2B 2B 1B 810M 405M
2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeReal Estate Fund Count11 GAV$2,570,555,648

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Brochure Summary

Overview

Breakthrough Services, L.L.C. (the “Adviser”) is a Delaware limited liability company, founded in 2019. Breakthrough Properties (“Breakthrough”) is a joint venture between Tishman Speyer Properties L.P. (“Tishman Speyer”) and Bellco Capital LLC (“Bellco Capital”). Breakthrough is a life science real estate investment company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. The joint venture combines Tishman Speyer’s global real estate platform with Bellco Capital’s life science investment expertise to capitalize on the rapidly expanding, yet substantially undersupplied, life science real estate industry. The Adviser is led by an experienced management team that focuses on acquiring, developing, and operating life science real estate. Tishman Speyer is a global developer of large, complex mixed-use projects and is best known for innovative approaches to architecture, placemaking, interior design, sustainability, healthy live- work environments, and tenant amenities. Bellco Capital and its partners, Two River Consulting, LLC (“Two River”) and Vida Ventures, LLC and its affiliates (“Vida Ventures”), leverage their founders’ first-hand experience as academic physicians, scientists, and life science entrepreneurs to build, invest, and support companies developing potentially transformative treatments for unmet medical needs. By leveraging the resources provided by both organizations, the Adviser will assemble a portfolio of life science properties and curate dynamic ecosystems that foster collaboration among life science industry leaders. The Adviser provides investment advice regarding real estate assets in the life science sector to various private funds, as listed in Schedule D, Section 7.B of Part 1 of Form ADV. Collectively each of these entities are referred to as either
the Funds or the Client. The advice provided by the Adviser to the Funds is tailored to meet the investment objectives and restrictions of the Funds, not the investors (each, an “Investor” or “Limited Partner”) in the Funds. The advice provided will be in accordance with the investment objectives, strategies, and restrictions described in the Funds’ Confidential Offering Memorandum, Limited Partnership Agreement (the “Partnership Agreement”), and any other governing agreements (collectively, the “Funds Governing Documents”). During the period commencing on the initial closing of the Funds and ending no later than the tenth anniversary thereof, Breakthrough expects to raise additional investment vehicles that will primarily make value-add and development investments (each, a “Successor Growth Portfolio”). Breakthrough will also selectively participate in income producing investments through a single “open-end” pool, Breakthrough Properties Income Portfolio, L.P. (the “Funds Income Portfolio”). Further information regarding the Funds, the Successor Growth Portfolios, and the Funds Income Portfolio is available in the Funds Governing Documents. As of December 31, 2023, the Adviser has approximately $2,529,257,684 in regulatory assets under management. Since December 31, 2023, the Adviser also began managing regulatory assets under management of $41,297,964 for two new investment vehicles called LSCI Allston Co-Investment, L.P. and Maple Leaf Trinity Co-Investment, L.P. Thus, at the date of this filing, the Adviser is managing a total of $2,570,555,648 in regulatory assets under management. All assets are being managed on a discretionary basis. Breakthrough or its affiliates also manage direct interests in real estate that do not count as regulatory assets under management and are discussed further in Item 10.