Bain Capital has closed a mammoth $3B fund to invest in U.S. property, including life sciences real estate, a sign of the incredible appetite for lab assets and other more specialized sectors including industrial and entertainment properties.

With leverage, the fund has the potential to invest nearly $9B, Bloomberg reports.

This is the second such fund created by the Boston-based private investment firm, double the size of the first fund. It has already has invested in life sciences real estate in San Francisco.

Funds in North America have roughly $225B to spend on property right now, per Preqin, a private markets data firm.

It’s not a great leap to expect a significant portion of both Bain’s funds and property funds in general will chase life sciences and lab assets. A new CBRE report released earlier this month underscored the unmet demand for such real estate despite increased development across major markets. The amount of lab space under speculative development nationwide, 21M SF, is nearly 3M SF less than overall demand, estimated at 23.8M SF and growing.