Texas Teachers commits $300m to Blackstone
The $128 billion Teacher Retirement System of Texas has committed $300 million to Blackstone Real Estate Partners Europe V, according to Juliana Fernandez Helton, communications specialist for the pension fund.
The opportunistic fund, managed by The Blackstone Group, is seeking to raise $7 billion and will focus on office, multifamily, hotel, retail and logistics properties primarily in Western Europe.
The pension fund previously committed $250 million to Blackstone Real Estate Partners Europe IV in December 2013. The opportunistic fund held a final close of $6.6 billion in March 2014.
Texas TRS has a 14 percent target allocation to real estate; its actual allocation is 13 percent.