Indiana commits $100m to open-end core fund
The Indiana Public Retirement System has committed $100 million to Blackstone Property Partners, an open-end core-plus fund managed by The Blackstone Group, according to recently released board documents.
BPP, launched earlier this year, invests in substantially stabilized assets across the main property types in major U.S. markets, and is reportedly seeking around $5 billion to achieve returns of approximately 9–11 percent.
The fund has received a number of commitments from institutional investors of late, including recent commitments of $100 million from the Arizona State Retirement System and the Virginia Retirement System.
INPRS has a target allocation to real estate of 7.5