Contra Costa County employees contributes $80m to Blackstone secondaries fund

The Contra Costa County (Calif.) Employees’ Retirement Association (CCCERA) has committed to a real estate strategy managed by Blackstone, according to a board meeting packet from Dec. 14.

A commitment of $80 million went to Blackstone Strategic Partners Real Estate Fund VIII (SPRE VIII), a closed-end, value-add real estate fund focused on the North American market. SPRE VIII is Blackstone’s secondary real estate fund that aims to acquire real estate properties or fund interests from preexisting portfolios that may have reached the end of their fund life. A fundraising target was unknown at the time of publication.

Strategic Partners, Blackstone’s secondary and fund solutions business, seeks significant capital appreciation through the acquisition of secondary interests in real estate funds and assets, focusing on high-quality portfolios in major commercial real estate markets and gateway cities, while capitalizing on the relatively fragmented competitive environ