Indiana Public Retirement System (PRS) has issued a full redemption for its $132m (€116.3m) investment in Blackstone’s open-ended core-plus fund, an investment the pension fund said had produced negative annualised returns over the past three periods.
The pension fund disclosed in a board meeting document that, it approved its redemption from Blackstone Property Partners in late February.
According to Indiana PRS, the investment’s fiscal year-to-date return was -6.88%, one-year return was -5.94%, and the three-year return was -4.03%. The pension fund has been invested in the Blackstone fund since December 2014.
Blackstone declined a request for comment.
Blackstone reported in its first quarter 2025 earnings that Blackstone Property Partners has $62.2bn in total assets under management. The fund invests across various property types in the US and Canada.
Indiana PRS also disclosed increasing its commitment to the Carlyle Property Investors fund by $100m. The pension fund has invested in the Carlyle fund since July 2019, and as of March this year had investments valued at $151.2m held within the open-ended core-plus fund.
The Carlyle fund, with a net asset value of $6.9bn, primarily invests in specialised US and Canadian property types like senior/manufactured housing, single-family rentals, and self-storage.
To read the latest IPE Real Assets magazine click here.
