Breakthrough Services, L.L.C.
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 309668
· SEC file 801-119412
· Los Angeles, CA
· btprop.com
☆ Save with Pro
ADV data as of Mar 31, 2026
- Regulatory AUM
- $2.7B
- Discretionary
- $2.7B
- Clients
- 12
- Avg AUM / client
- $224M
- Accounts
- 12
- Employees
- 94
AUM over time
$0
$2.8B
Aug 2020
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 12 | $2.7B | 100.0% |
Private funds (11)
Reported in Form ADV Section 7.B.(1), filing of May 2024 · $2.6B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Breakthrough Properties Growth Portfolio I, L.P. | Real Estate Fund | Delaware | $2.0B | 96 |
| Breakthrough Properties Income Portfolio, L.P. | Real Estate Fund | Delaware | $362M | 96 |
| Allston Co Investment Feeder Vehicle, L.P. | Real Estate Fund | Delaware | $87.2M | 11 |
| Harel Allston Co Investment, L.P. | Real Estate Fund | Delaware | $49.5M | 1 |
| Tea Allston Co Investment, L.P. | Real Estate Fund | Delaware | $23.8M | 1 |
| Dqp Allston Co Investment, L.P. | Real Estate Fund | Delaware | $22.1M | 30 |
| Maple Leaf Trinity Co Investment, L.P. | Real Estate Fund | Delaware | $21.7M | 4 |
| Jiaming Allston Co Investment, L.P. | Real Estate Fund | Delaware | $19.8M | 1 |
| Lsci Allston Co Investment, L.P. | Real Estate Fund | Delaware | $19.6M | 1 |
| D3 C1 Allston Co Investment, L.P. | Real Estate Fund | Delaware | $10.2M | 55 |
| Breakthrough Properties Employee Feeder Fund I, L.P. | Real Estate Fund | Delaware | $0 | 23 |
People (11)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Belldegrun, Arie | Trustee | Feb 1994 (33y) | GP / trustee / elected manager of Belldegrun Family Trust (indirect) | |
| Belldegrun, Rebecka | Trustee | Feb 1994 (33y) | GP / trustee / elected manager of Belldegrun Family Trust (indirect) | |
| Ackerman, Hanna | Trusttee | Jun 1996 (30y) | GP / trustee / elected manager of Seaview Trust (D.C.) Irrevocable (indirect) | |
| Speyer, Robert, Jeffrey | President, Chief Executive Officer | Jan 2001 (26y) | ≈ 7.03% – 37.5% via Speyer Limited Partner Co., Inc. | |
| Speyer, Jerry, Irving | Chairman | Jun 2008 (18y) | ≈ 4.69% – 28.13% via Tishman Speyer Properties, Inc. | |
| Kazam, Joshua, Avrom | Trustee | Nov 2017 (9y) | GP / trustee / elected manager of Seaview Trust (D.C.) Irrevocable (indirect) | |
| Belldegrun, Daniel | Chief Executive Officer | Apr 2019 (7y) | Less than 5% | |
| Chao, Lesley, Su Lu | Chief Financial Officer | Jul 2020 (6y) | Less than 5% | |
| D'orazi, Daniel, William | Chief Investment Officer And Executive Vice President | Dec 2021 (5y) | Less than 5% | |
| Harborth, Susie, Gruong | Chief Business Officer | Jan 2023 (4y) | Less than 5% | |
| Warne, Jennifer, Leigh | Senior Vice President, Legal And Chief Compliance Officer | Jan 2024 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Bellco Breakthrough Operator Llc | Member Manager | Feb 2019 | A | 50% – 75% |
| Tsp Breakthrough Services, L.L.C. | Member Manager | Mar 2019 | A | 50% – 75% |
| Bbpo Operator Holdings Llc | Member Manager | Jun 2019 | B | ≈ 37.5% – 75% via Bellco Breakthrough Operator Llc |
| Bellco Breakthrough Holdings Llc | Member Manager | Oct 2018 | B | ≈ 37.5% – 75% via Bellco Breakthrough Operator Llc |
| Bellco Real Estate Llc | Member Manager | Oct 2018 | B | ≈ 28.13% – 75% via Bellco Breakthrough Holdings Llc |
| Bellco Capital Llc | Member Manager | Jan 2004 | B | ≈ 21.09% – 75% via Bellco Real Estate Llc |
| Tishman Speyer Properties, L.P. | Member Manager | Jul 1978 | B | ≈ 37.5% – 75% via Tsp Breakthrough Services, L.L.C. |
| Belldegrun Family Trust | Trust | Feb 1994 | B | ≈ 15.82% – 75% via Bellco Capital Llc |
| Tishman Speyer Properties, Inc. | General Partner | Mar 1985 | B | ≈ 18.75% – 56.25% via Tishman Speyer Properties, L.P. |
| Bellco Legacy Trust | Member | Apr 2020 | B | ≈ 4.69% – 28.13% via Bellco Realty Worldwide Llc |
| Bellco Legacy Ii Trust | Bellco Realty Worldwide Llc | Apr 2020 | B | ≈ 2.34% – 21.09% via Bellco Legacy Trust |
| Bellco Breakthrough Operator Holdings Llc | Member Manager | Jun 2019 | B | ≈ 9.38% – 37.5% via Bbpo Operator Holdings Llc |
| Seaview Trust (D.C.) Irrevocable | Trust | Jun 1996 | B | ≈ 9.38% – 37.5% via Bbpo Operator Holdings Llc |
| Speyer Limited Partner Co., Inc. | Limited Partner | Jan 2001 | B | ≈ 9.38% – 37.5% via Tishman Speyer Properties, L.P. |
| Bellco Realty Worldwide Llc | Member | Sep 2021 | B | ≈ 9.38% – 37.5% via Bbpo Operator Holdings Llc |
Estimated effective ownership (look-through of filed bands):
- Speyer, Robert, Jeffrey: 75% – 100% of Speyer Limited Partner Co., Inc. × 25% – 50% of Tishman Speyer Properties, L.P. × 75% – 100% of Tsp Breakthrough Services, L.L.C. × 50% – 75% direct ≈ 7.03% – 37.5% of the firm
- Speyer, Jerry, Irving: 25% – 50% of Tishman Speyer Properties, Inc. × 50% – 75% of Tishman Speyer Properties, L.P. × 75% – 100% of Tsp Breakthrough Services, L.L.C. × 50% – 75% direct ≈ 4.69% – 28.13% of the firm
- Bbpo Operator Holdings Llc: 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Bellco Breakthrough Holdings Llc: 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Bellco Real Estate Llc: 75% – 100% of Bellco Breakthrough Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 28.13% – 75% of the firm
- Bellco Capital Llc: 75% – 100% of Bellco Real Estate Llc × 75% – 100% of Bellco Breakthrough Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 21.09% – 75% of the firm
- Tishman Speyer Properties, L.P.: 75% – 100% of Tsp Breakthrough Services, L.L.C. × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Belldegrun Family Trust: 75% – 100% of Bellco Capital Llc × 75% – 100% of Bellco Real Estate Llc × 75% – 100% of Bellco Breakthrough Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 15.82% – 75% of the firm
- Tishman Speyer Properties, Inc.: 50% – 75% of Tishman Speyer Properties, L.P. × 75% – 100% of Tsp Breakthrough Services, L.L.C. × 50% – 75% direct ≈ 18.75% – 56.25% of the firm
- Bellco Legacy Trust: 50% – 75% of Bellco Realty Worldwide Llc × 25% – 50% of Bbpo Operator Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 4.69% – 28.13% of the firm
- Bellco Legacy Ii Trust: 50% – 75% of Bellco Legacy Trust × 50% – 75% of Bellco Realty Worldwide Llc × 25% – 50% of Bbpo Operator Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 2.34% – 21.09% of the firm
- Bellco Breakthrough Operator Holdings Llc: 25% – 50% of Bbpo Operator Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 9.38% – 37.5% of the firm
- Seaview Trust (D.C.) Irrevocable: 25% – 50% of Bbpo Operator Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 9.38% – 37.5% of the firm
- Speyer Limited Partner Co., Inc.: 25% – 50% of Tishman Speyer Properties, L.P. × 75% – 100% of Tsp Breakthrough Services, L.L.C. × 50% – 75% direct ≈ 9.38% – 37.5% of the firm
- Bellco Realty Worldwide Llc: 25% – 50% of Bbpo Operator Holdings Llc × 75% – 100% of Bellco Breakthrough Operator Llc × 50% – 75% direct ≈ 9.38% – 37.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (11, $2.6B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Breakthrough Properties Growth Portfolio I, L.P. | Real Estate Fund | $2.0B | $25.0M | 96 |
| Breakthrough Properties Income Portfolio, L.P. | Real Estate Fund | $362M | $25.0M | 96 |
| Allston Co Investment Feeder Vehicle, L.P. | Real Estate Fund | $87.2M | $0 | 11 |
| Harel Allston Co Investment, L.P. | Real Estate Fund | $49.5M | $0 | 1 |
| Tea Allston Co Investment, L.P. | Real Estate Fund | $23.8M | $0 | 1 |
| Dqp Allston Co Investment, L.P. | Real Estate Fund | $22.1M | $0 | 30 |
| Maple Leaf Trinity Co Investment, L.P. | Real Estate Fund | $21.7M | $0 | 4 |
| Jiaming Allston Co Investment, L.P. | Real Estate Fund | $19.8M | $0 | 1 |
| Lsci Allston Co Investment, L.P. | Real Estate Fund | $19.6M | $0 | 1 |
| D3 C1 Allston Co Investment, L.P. | Real Estate Fund | $10.2M | $0 | 55 |
| Breakthrough Properties Employee Feeder Fund I, L.P. | Real Estate Fund | $0 | $50.0K | 23 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 3.77 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • PROPERTY MGT, LEASING, AND DEVELOPMENT FEES
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗