Blackstone picks up another commitment
The $14.7 billion Ohio Police & Fire Pension Fund has invested $70 million in The Blackstone Group’s recently launched Blackstone Real Estate Partners VIII. The mega-fund is expected to raise $15 billion in equity, making it the largest fund in the series.
BREP VIII will primarily focus on investments the United States. The mega-fund will target distressed or undermanaged properties at below-market prices, and then will look to unlock value through aggressive asset management and the eventual sale of the stabilized properties to long-term real estate owners.
This is a follow-on investment to the Blackstone fund series. In 2012, Ohio Police & Fire invested $60 million inBlackstone Real Estate Partners VII, which raised $13.3 billion and closed in 2012.
Recent investors in Blackstone’s latest fund include the $20.5 billion