Record-breaking Blackstone fund attracts another investor
The Blackstone Group’s current mega-fund, Blackstone Real Estate Partners VIII, has attracted another investor. The Arizona State Retirement System committed $100 million to the real estate fund, according to recently released meeting documents.
The $34.6 billion pension fund is the latest to commit to the real estate fund, which focuses on distressed, out-of-favor and undermanaged properties. ASRS has made previous commitments to Blackstone Real Estate Partners VI and Blackstone Real Estate Partners VII.
The Blackstone fund has exceeded its target of $13 billion, raising close to $16 billion since the fund launched in October.
Recent investors include the Maine Public Employees Retirement System,