NYSTRS makes $100m follow-on commitment to Blackstone real estate fund
The New York State Teachers’ Retirement System (NYSTRS) has agreed to make a follow-on commitment of $100 million to the Blackstone Real Estate Partners Europe Fund VI, managed by Blackstone, a spokesperson from the pension fund confirmed in an email.
NYSTRS said the pension fund has committed $1.3 billion to nine other Blackstone funds over the years.
Launched in January, Blackstone’s opportunistic fund is nearing its fundraise target of $10 billion. It will seek to acquire distressed and undermanaged European properties at below-market prices.
In June, two other New York–based funds, managed by the New York City Comptroller, committed $90 million to the fund. The New York City Fire Retirement System committed $20 million and the New York City Police Retirement System committed $70 million.
As of March 31, 11.1 percent of NYSTRS’ portfolio was alloca