The $69.5 billion State of Michigan Retirement Systems has committed a total of $400 million to real estate funds managed by Blackstone and Lone Star Funds, according to quarterly investment notes.
The retirement system committed $200 million each to Blackstone Real Estate Partners IX (BREP IX) and Lone Star Fund XI.
Blackstone Real Estate Partners IX recently completed raising $17.3 billion of a targeted $20 billion for the opportunistic real estate fund. BREP IX’s strategy will be similar to the firm’s prior real estate fund, which gathered $15.8 billion in 2015 and focused on distressed properties globally. Along with nearly $10 billion for each of its opportunistic European real estate and its private equity secondaries funds, Blackstone expects to exceed $60 billion from these four flagship funds collectively, largely by the end of the year. This compares to $50
