Core-plus fund to target US office, biotech, data centre and light industrial buildings. : Menlo Equities has begun marketing its first ‘perpetual life’ real estate fund, according to industry sources. Menlo Institutional Perpetual Partners (MIPP) is expected to raise $1.2bn (€1bn) through two rounds of initial fundraising. The fund will invest in offices, biotech buildings, data centres and light industrial assets in Silicon Valley, Seattle, Phoenix, Denver, Austin, North Carolina and the 128 Corridor outside Boston. MIPP will be seeded with six properties, including three in Orange County, California, two in Silicon Valley and one in San Diego.