New York City pension funds commit $90m to sixth Blackstone fund

Two pension funds managed by the New York City Comptroller committed a total of $90 million to the Blackstone Real Estate Partners Europe VI fund, managed by Blackstone Group, in the first quarter of the year.

The New York City Fire Retirement System committed $20 million to the opportunistic Blackstone fund, which acquires distressed and undermanaged European properties at below-market prices. The system allocates 1.5 percent ($207 million) to opportunistic real estate as of March 31, against a 4 percent ($555 million) target.

Additionally, the New York City Police Retirement System (PPF) committed $70 million to the fund. PPF allocates 2 percent ($796.9 million) to opportunistic real estate funds. It also has a target of 4 percent ($1.58 billion).

Blackstone Group has $457 billion under management. The fund has raised approximately $711 million against a target of $9 billion since its launch in January.

The City of New York Systems are comprised of five