Investors - APRIL 23, 2015

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Lubbock Fire commits $10m to real estate fund

by Zoë Wolff

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.

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