Investors - MAY 8, 2015

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Virginia commits $250m to two funds

by Zoë Wolff

The Virginia Retirement System has committed $250 million to two real estate funds, according to Jeanne Chenault, a spokesperson for the retirement system. The $67.4 billion pension fund has committed $150 million to Blackstone Real Estate Partners VIII and $100 million to Penwood Industrial Partners IV.

Blackstone Real Estate Partners VIII is managed by The Blackstone Group and has raised more than $15 billion so far. The opportunistic fund, which will focus on distressed, out-of-favor and undermanaged properties, has attracted numerous investors.

Penwood Industrial Partners IV has raised more than $250 million since the fund launched in July 2014. The fund plans to invest evenly between purchases and development of industrial properties in Southern California. The $104.3 billion

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