Florida commits $100m to Blackstone
The $179 billion Florida State Board of Administration has committed $100 million to Blackstone Real Estate Partners Europe V, according to a first quarter 2016 new managers report.
The fund, which is sponsored by The Blackstone Group and launched in November 2015, is seeking to raise €7 billion ($7.5 billion) and will target office, industrial, residential, retail and hospitality properties. At least 60 percent of the opportunistic fund will be invested in the United Kingdom, France and Germany, while the rest will be invested throughout other regions of Europe. As of March 2016, the fund had raised $3.8 billion.
FSBA has a 10 percent target allocation to real estate and a 6.7 percent actual a