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.