NYSTRS continues investments in noncore strategies
The $95.4 billion New York State Teachers’ Retirement System has approved a €147.57 million ($200 million) commitment to The Blackstone Group’s Blackstone Real Estate Partners Europe IV. The investment is subject to the satisfactory completion of due diligence. There is no timetable as to when the potential deal may close, confirms John Cardillo, manager of NYSTRS public information.
BREP Europe IV launched in May 2013 with a €5 billion ($6.8 billion) fundraising foal. The firm aims to hold a final close in March 2014. According to an SEC filing, the opportunistic fund has already come close to its goal, raising $5.53 billion. The fund will invest in a wide variety of property types throughout Europe. It will purchase high-quality distressed pro