Blackstone is targeting an €8bn fundraise for its latest European opportunistic real estate fund, according to an investor.

Teachers’ Retirement System of Louisiana has approved a $75m (€66.7m) commitment to Blackstone Real Estate Partners Europe VI, according to a board meeting report prepared by investment consultant Hamilton Lane.

The report said Blackstone was seeking €8bn for the fund, which would make it larger than its predecessor which raised €7.8bn in 2017.

Blackstone declined a request for comment.

Louisiana Teachers also revealed that Blackstone would focus on large and complex transactions above €75m, including acquisitions of portfolios and operating companies.

The pension fund has identified Blackstone’s European real estate funds as being strong performers. According to the board meeting report, Blackstone Real Estate Partners Europe V has produced a net internal rate of return of 19%.

Louisiana Teachers has also approved a $50m commitment to Rockpoint Real Estate Fund VI, a $3bn opportunity fund that will target offices, apartments and hotels in the US.