Arkansas Teacher Retirement System (ARTRS) is committing $75m each to an Ares Management Corporation real estate secondaries fund and Blackstone’s open-ended infrastructure fund.
Consultant AON disclosed in the pension fund’s board meeting document that the commitments have been made to Ares Real Estate Secondaries X and Blackstone Infrastructure Partners (BIP).
The Ares fund, which seeks to raise $2.5bn, will acquire limited partnership and general partnership positions of between $50m and $100m in funds and structured solutions.
The fund targets a 15% net internal rate of return and a 1.5x net equity multiple, with plans to allocate the majority of its capital to rental housing and industrial asset positions across North America and Europe.
AON said that Blackstone has made a 2.5% sponsor commitment to BIP, capped at $500m.
According to Blackstone’s 2026 first-quarter earnings report, BIP currently stands at $68bn.
BIP targets investments within OECD countries, maintaining a minimum 70% allocation to North America, and currently holds a portfolio of 20 assets with a leverage ratio of 45.3%.
Blackstone declined a request for comment.
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