The $85 billion Minnesota State Board of Investment has committed up to $75 million each to two real estate funds, according to the pension fund’s website.
The first allocation was to Blackstone Real Estate Partners Asia II, a Blackstone-sponsored fund that launched earlier this year with a $5 billion maximum fundraising target. The fund will invest in warehouses and shopping malls in China, India, Southeast Asia and Australia. The fund recently received a $150 million commitment from the $36.2 billion Illinois Municipal Retirement Fund.
Blackstone’s first Asia-focused property fund, the $5.08 billion Blackstone Real Estate Partners Asia, closed in 2014. The fund is 70 percent invested.
Minnesota’s second commitment was to Angelo, Gordon & Co.’s AG Europe Realty Fund II, a value-added fund that
