Virginia commits $250m to two funds
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