Blackstone has so far raised over two-thirds of an expected $9bn (€7.8bn) fundraise for its latest Asia real estate fund, according to an investor’s meeting document.
New Mexico State Investment Council (SIC) disclosed it has made a $75m commitment to Blackstone Real Estate Partners Asia III, a fund which has raised more than $6bn so far.
According to New Mexico SIC, Blackstone expects to have a final close for the opportunistic fund in the second quarter of this year.
The sovereign wealth fund told IPE Real Assets: ”We have an allocation of 6% of our total real estate portfolio for Asian real estate and we needed new investment to keep up with this allocation. Blackstone in our mind is a very strong manager in this region of the world.”
As previously reported, Blackstone expects to raise “approximately $9bn” for the fund.
New Mexico SIC also approved a $100m commitment to EQT Exeter Industrial Core-Plus Fund IV, a US core-plus logistics fund seeking to raise $2.5bn.
The sovereign fund said it issued this commitment to help maintain its real estate portfolio’s over-allocation to industrial.
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