Texas School Fund comes back to Blackstone
After committing $75 million to Blackstone Real Estate Partners Europe IV in December 2013, the Texas Permanent School Fund is re-upping with the manager, committing another $25 million to BREP Europe IV as well as $100 million into The Blackstone Group’s new core-plus fund, Blackstone Property Partners.
Targeting an unusual strategy for the typically opportunistic manager, BPP is an open-end fund that is reportedly seeking around $5 billion to garner 9–11 percent returns from office, retail, multifamily and industrial properties in major markets in North America.
BREP Europe IV closed to new investors in March 2014 after raising $7 billion. The opportunistic fund targets high-quality but distressed properties throughout Europe, which it will stabilize to core before turning over.
TPSF has had a few noncore commi