The $731 million University of Houston System has approved a $10 million commitment to Blackstone Real Estate Partners Europe VI, an investment fund managed by Blackstone.
The endowment fund previously proposed the commitment for the closed-end fund at a Feb 28 endowment management committee meeting.
Blackstone Real Estate Partners Europe VI Is a European opportunistic real estate fund that invests in office, multifamily, retail, hotel and logistics properties across the globe. It launched this year with an €8 billion ($9 billion) equity fundraising target.
In 2016, the system committed $7.5 million to the fund’s predecessor Blackstone Real Estate Partners Europe V, which closed in 2017 with €7.8 billion ($8.9 billion) in equity.
The new commitment will contribute to the system’s private equity/venture capital portfolio, with an actual allocation of 13.5 percent (representing $98.7 million of total assets) as of March 31, and a target allocation of 20 percent (which would have a value of approximately $146.3 million).