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Investors - DECEMBER 1, 2014

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Pension fund commits $350m to real estate, energy

by Reg Clodfelter

The $65.5 billion Virginia Retirement System has committed $350 million to real estate and energy, divided between three managers.

VRS has committed $100 million to real estate through Blackstone Property Partners, an open-end core-plus fund managed by The Blackstone Group, and $250 million to energy through two separate managers, PetroCap and Sheridan Production Company.

BPP, Blackstone’s first core-plus open-end fund, is reportedly targeting a haul of around $5 billion to achieve 9–11 percent returns from office, retail, multifamily and industrial properties in major markets in North America. The fund has received a lot of interest from institutional investors of late, receiving $100 million from the Texas Permanent School Fund in September, as well as a 

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