New Mexico Investment Council makes follow-on investment
The $20.5 billion New Mexico State Investment Council has committed $75 million to Blackstone Real Estate Partners VIII.
BREP VIII is a global opportunistic fund that launched in January 2015 and is seeking a $13 billion haul, just shy of its record-setting predecessor, Blackstone Real Estate VII which raised $13.3 billion in 2012, making it the largest real estate fund ever.
BREP VIII will primarily focus on the United States. The fund will target distressed or undermanaged properties at below-market prices, and then will look to unlock value through aggressive asset management and the eventual sale of the stabilized properties to long-term real estate owners.
The New Mexico pension fund has made pervious investments with Blackstone, including a $75 million commitment to BREP VII and $50 million commitment to Blackstone Real