The California Public Employees’ Retirement System (CalPERS) has invested $750m (€608m) in Blackstone’s European core-plus real estate fund.
The investment was revealed in a board meeting report for the pension fund’s investment comittee meeting next week.
Blackstone and CalPERS declined to comment.
Earlier this month, Blackstone said its core-plus real estate business had grown to $27bn in assets under management.
The company’s end-of-year figures, also showed that its European core-plus fund, Blackstone Property Partners Europe, had raised $2.4bn from investors.
Last year, IPE Real Assets reported that Blackstone had started to raise capital for the open-ended fund, with Illinois Municipal Retirement Fund considering a $100m commitment.
Blackstone now has two core-plus funds in the market. Blackstone Property Partners in the US has a total investment value of $23.8bn.
Meanwhile, CalPERS has also allocated more capital to North American power assets, according to its board meeting report.
The $326bn pension fund has committed a further $246m to its existing partnership with Harbert Management Corporation, Gulf Pacific Power, which is now valued at $780m.
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