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Investors - FEBRUARY 11, 2019

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NYSCRF commits $500m to Blackstone fund

by Jody Barhanovich

The $207.4 billion New York State Common Retirement Fund has committed $500 million to Blackstone’s ninth real estate partners fund, Blackstone Real Estate Partners IX, according to board meeting documents.

Blackstone recently compete raising $17.3 billion of a targeted $20 billion for the opportunistic real estate fund. The firm expects to reach the target as it secures commitments from high-net-worth investors in the coming months.

BREP IX’s strategy will be similar to the firm’s prior real estate fund, which gathered $15.8 billion in 2015 and focused on distressed properties globally. Along with nearly $10 billion for each of its opportunistic European real estate and its private equity secondaries funds, Blackstone expects to exceed $60 billion from these four flagship funds collectively, largely by the end of 2019. This compares to $50 billion raised in its pri

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