Maine PERS commits $350m to Blackstone fund
The $13.1 billion Maine Public Employees Retirement System has committed $350 million to Blackstone Property Partners, according to Andrew Sawyer, chief investment officer. The commitment is subject to due diligence, legal review and negotiations. Blackstone Property Partners is an open-end, core-plus real estate fund that invests in retail, office, multifamily and industrial assets in major U.S. markets. The pension fund previously committed up to $50 million to Blackstone Real Estate Partners Fund VIII, in 2015. As of March 31, 2017, Maine PERS has a target allocation to real estate of 10 percent and an actual allocation of 7.9 percent.