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Investors - SEPTEMBER 23, 2022

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Virginia Retirement System moves $250m into Blackstone Real Estate Partners X

by Kali Persall

The Virginia Retirement System (VRS) has unveiled a $250 million commitment to Blackstone Real Estate Partners X (BREP X), a closed-end opportunistic real estate fund.

The commitment was made on behalf of VRS’ real assets strategy, according to a recent investment report.

BREP X is the latest in Blackstone’s series of global flagship real estate funds. BREP X aims to construct a diversified portfolio of real estate and real estate-related assets globally. In July, the fund surpassed $24.1 billion on its way to reaching an estimated target of $30.3 billion.

VRS joins several other U.S. pension funds and endowments in backing BREP X, including the North Carolina Retirement Systems, the Indiana Public Retirement System, the Michigan Office of Retirement Services and the South Carolina Retirement System Investment Commission.

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