Hawaii allocates $50m to Asian real estate fund
The $15.1 billion Employees’ Retirement System of the State of Hawaii has committed $50 million to BlackRock Asia Property Fund IV, according to CIO Vijoy Chattergy.
BlackRock Asia Property Fund IV is an opportunistic real estate fund that will invest in Asia Pacific property. The fund opened in June 2016 with a $1.5 billion equity fundraising target. This is BlackRock’s fourth fund in its Asia property fund series. The fund’s predecessor, BlackRock Asia Property Fund III, previously raised $3.89 billion in equity commitments.
In other allocations to Asia Pacific real estate funds, HIERS committed $30 million to AG Asia Realty Fund III in June 2016. The fund held an $850 million final close