CalPERS contributed $1b to Blackstone’s colossal real estate credit fund

A recent investment report shows the California Public Employees’ Retirement System (CalPERS) contributed to $1 billion the Blackstone Real Estate Debt Strategies IV (BREDS IV), which closed with $8 billion in late 2020 — making it the largest real estate credit fund ever raised.

BREDS IV will have flexible capital to lend around the globe, and will deploy a variety of investment strategies, including lending, liquid securities, structured solutions to financial institutions, and corporate credit.

CalPERS’ commitment, which closed in September 2020, was filed as an opportunistic strategies program.

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