Investors - FEBRUARY 17, 2015

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Connecticut considers committing $140m to high-yield real estate

by Reg Clodfelter

Connecticut State Treasurer Denise Nappier is considering committing $140 million to high-yield real estate on behalf of the $29 billion Connecticut Retirement Plans and Trust Funds, divided between two managers, according to David Barrett, communications director for the Office of the Treasurer.

The larger of the two potential commitments is for $100 million to recently launched mega-fund Blackstone Real Estate Partners VIII. The opportunistic fund, which is expecting to hold a $10 billion first close in the coming weeks after launching less than two months ago, is targeting large real estate deals globally, with a growing focus on the U.S. gateway markets and distressed markets in Europe. The fund could raise as much as $15 billionby its final close, which would make it the largest ever commercial real estate fund, surpassing its predecessor’s $13.7 billion final close from November 2012.

Blackstone will co-invest a minimum of $300 million into the fun

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