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Investors - FEBRUARY 8, 2016

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NYSTRS commits $500m to Blackstone debt mandate

by Zoë Wolff

The $108.2 billion New York State Teachers’ Retirement System has committed up to $500 million to The Blackstone Group for a real estate debt separate account, according to John Cardillo, manager of public information for the pension fund.

Targeted investments will include subordinate debt and first-mortgage loans in the United States and the United Kingdom.

The pension fund chose this commitment because it “provides a lower-risk strategy than typical debt funds, and it supplements NYSTRS’ existing core first-mortgage strategy,” according to Cardillo.

NYSTRS committed $650 million to two other debt separate accounts in November 2015, allocating $350 million to Brookfield Asset Management and $300 million to Cornerstone Real Estate Advisers.

 

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