Texas pension fund invests in newly launched Blackstone fund

Texas County & District Retirement System has committed €90 million ($80 million) to Blackstone Real Estate Partners Europe VI, a fund managed by Blackstone Group.

Blackstone Real Estate Partners Europe VI launched this year with a €8.9 billion ($10 billion), making it one of the largest European opportunistic real estate funds in the market. Blackstone Real Estate Partners Europe V closed in 2017 with €7.01 billion ($7.86 billion). The fund series invests in core European markets of the United Kingdom, Germany and France and in noncore European countries across the office, industrial, residential, retail and hospitality sectors.

In addition, it invested $25 million in KSL Capital Partners V, managed by KSL Capital Partners. The fund focuses on real estate equity and debt investments in the travel and leisure industries. It has a $2.7 billion fundraising target.

The pension fund has 11 percent invested in real estate.