Texas Permanent commits $300m to Blackstone, Rockpoint, PAG and KKR funds

The $44 billion Texas Permanent School Fund has committed up to $75 million each to four property funds managed by Blackstone, Rockpoint Group, KKR and PAG, according to Debbie Ratcliffe, executive director for the school fund. Half of the investments are toward Asian opportunities.

The first $75 million commitment was to Blackstone Real Estate Partners IX, the industry’s largest real estate fund ever. The fund’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. Fund IX is nearing its $20 billion target and Blackstone plans to hold a final closing in the coming months.

In addition, Texas Permanent committed $75 million to Rockpoint Group’s Real Estate Fund VI. It is a value-added, opportunistic real estate fund that will invest in office, hotel and multifamily assets in major coastal mar