Investors - MARCH 17, 2015

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Another pension fund invests with Blackstone

by Andrea Waitrovich

The Blackstone Group’s current mega-fund, Blackstone Real Estate Partners VIII, has picked up another pension investor.

During its March 12 board meeting, the $51.7 billion Pennsylvania Public School Employees’ Retirement System made plans to invest $300 million in BREP VIII, an opportunistic real estate fund that could raise up to $15 billion. This is the plan’s seventh investment with Blackstone.

The investment follows the commitments to the mega-fund by the $16.7 billion Louisiana Teachers’ Retirement System and the $80.3 billion Minnesota State Board of Investments.

PSERS posted strong returns in real estate last year; the pension plan’s real estate portfolio returned 17.2 percent in the fourth quarter. PSERS total portfolio had a return of 8.83 percent in 2014 and added more than $4.2 billion in ne

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