CalPERS commits $750m to Blackstone’s European-focused vehicle
The $329.9 billion California Public Employees’ Retirement System has committed $750 million to Blackstone’s European-focused real estate vehicle, according to the pension fund’s board meeting documents for its Feb. 12 meeting.
Blackstone, the largest real estate private equity firm, recently held a $2 billion initial close for Blackstone Property Partners Europe, according to the firm’s fourth quarter and full-year 2017 results report.
Blackstone Property Partners Europe is a core-plus real estate fund that invests in properties throughout Europe. It is the first European open-ended, core-plus fund for Blackstone. The firm’s first core-plus vehicle, Blackstone Property Partners, is a U.S.-focused open-ended real estate fund that launched three years ago.
In additional news, CalPERS reported a 7.8 percent total return for its real estate portfolio, beating its benchma