Contra Costa County makes first investment in a Blackstone real estate fund

The Contra Costa County (Calif.) Employees' Retirement Association (CCCERA) has contributed $100 million to Blackstone Real Estate Partners X (BREP X), Blackstone’s flagship global opportunistic fund.

BREP X is an opportunistic fund that was launched by Blackstone in May to invest in diversified property types globally. According to a recent filing with the SEC, the fund has reached $24.1 billion in fundraising. And it could reach $30.3 billion when it is finalized, according to the Wall Street Journal. Blackstone is said to be investing $300 million of its own capital in the vehicle.

With target allocations of 70 percent to North America, 20 percent to Europe and 10 percent to Asia, the fund’s thematic sectors are logistics, rental housing and lodging, capitalizing on the growing penetration of ecommerce and supply chain disruption, the need for af