San Francisco City & County Employees backs Blackstone’s $5b real estate debt fund

The $25 billion San Francisco City & County Employees’ Retirement System has committed $50 million to Blackstone Group’s Real Estate Debt Strategies IV (BREDS IV) fund.

Opened to investors in May 2019, the fund had collected nearly $3 billion in capital commitments as of April 2020, Jonathan Gray, president of the firm, disclosed in a transcript of an earnings conference call.

Targeting $5 billion, BREDS IV will pursue property-related investments in public and private debt around the world, with a particular focus on the United States.

San Francisco City & County has a 17 percent target allocation to real assets, a spokesperson for the system confirmed in an email.