Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, is planning the 263,000-square-foot 105 by Breakthrough in South Boston’s A Street corridor. Image courtesy of Stantec

A life science developer that’s acquired properties in Boston and Cambridge raised $3 billion to pay for its 4.6 million-square-foot pipeline of projects in the U.S and Europe.

Breakthrough Properties, a partnership between Tishman Speyer and Bellco Capital, said it doubled the original $1.5 billion target for its new Breakthrough Life Science Property Fund. Investments came from institutions, sovereign wealth funds and high-net-worth investors.

Breakthrough’s first local project, located at 105 West First St. in South Boston, broke ground on spec and is scheduled for completion this year. CRISPR Therapeutics signed a 12-year lease for the entire 263,500-square-foot building in 2021.

Breakthrough is part of the development team selected by Harvard Allston Land Co. in 2019 to develop the first phase of its Harvard Enterprise Research Campus development on Western Avenue.

And in July 2021, Breakthrough acquired the One Canal office park in East Cambridge for $133 million.

“There is an acute and accelerating need for well-located, cutting-edge lab space,” Tishman Speyer CEO Rob Speyer said in a statement.