North Carolina commits $550m to real estate
The North Carolina Retirement Systems has committed $550 million to real estate, with $250 million divided between three noncore investments and the remaining $300 million going to one core-plus fund, according to a transaction summary from a recent Investment Advisory Council meeting.
The Blackstone Group received two of the commitments. The larger of the two was a $300 million commitment to Blackstone Property Partners, Blackstone’s newly launched open-end core-plus fund. The fund, which just received a $100 million commitment from the Indiana Public Retirement System, invests in substantially stabilized assets across the main property types in major U.S. markets.
NCRS also committed $100 million to Blackstone Real Estate Partners Europe IV, an $8.2 billion opportunistic fund that invests in a wide variety of property ty