San Francisco pension fund contributes to Blackstone Real Estate Partners X

Blackstone Real Estate Partners X (BREP X), an opportunistic fund launched in May to invest in diversified property types globally, has added the San Francisco Employees' Retirement System (SFERS) to its investor base.

The pension fund awarded a $115 million commitment to the investment vehicle, building on its existing relationship with Blackstone.

In recent months, BREP X has collected numerous commitments from other U.S. pension funds, including the Teacher Retirement System of Texas, the University of Vermont and State Agricultural College, the Teachers’ Retirement System (TRS) of the State of Illinois and the Teachers' Retirement System of Kentucky, in addition to others.

A fundraising target has not been disclosed. However, the fund’s predecessor, Blackstone Real Estate Partners IX (BREP IX), held its final close in 2019 with $20.5 billion of capital commitments.

SFERS could not be reached to comment on its investment at the time of publication.