Blackstone Real Estate Partners X (BREP X), the latest in Blackstone’s series of global flagship real estate funds, has added another U.S. pension fund to its growing investor base.
According to a meeting document from August, North Carolina Retirement Systems (NCRS) committed $500 million to the fund on behalf of its noncore real estate portfolio.
NCRS joins several other U.S. pension funds and endowments in backing BREP X, including the Indiana Public Retirement System, the Michigan Office of Retirement Services and the South Carolina Retirement System Investment Commission as a recent investor.
BREP X aims to construct a diversified portfolio of real estate and real estate-related assets globally. In July, the fund surpassed $24.1 billion on its way to reaching an estimated target of $30.3 billion.
As of June 30, NCRS had a 2.27-percent allocation to noncore real estate, against
