Lubbock Fire commits $10m to real estate fund
Lubbock Fire Pension Fund committed $10 million to the Blackstone Real Estate Income Fund, says Jack Watkins, plan administrator for the pension fund. The closed-end fund is managed by The Blackstone Group and focuses primarily on real estate related debt investments. Watkins says the board’s decision to invest in the fund was “driven by a need to increase return on the fixed-income allocation within the portfolio. The investment expectation is increased return with comparable risk to existing fixed income holdings.” While this is the $185 million pension fund’s first investment with a Blackstone real estate fund, they have previously invested in other Blackstone funds.