The $23.1 billion New Mexico State Investment Council plans to invest in Blackstone’s ninth real estate fund, Blackstone Real Estate Partners IX, according to board meeting agenda notes. The total equity commitment was not disclosed. A final approval will take place on Tuesday, Nov. 27.
Blackstone Real Estate Partners IX is a new global opportunistic real estate fund that will invest in major property types. The fund has also previously received commitments from the Teachers’ Retirement System of Louisiana and Illinois Municipal Retirement Fund.
The previous fund in the series, Blackstone Real Estate Partners VIII, held a $15.8 billion final close in 2015.
New Mexico State has a target allocation to real estate of 12 percent with an actual allocation of 9 percent.
