Blackstone has raised $7.5bn (€6.4bn) for its new life science office real estate perpetual fund, the manager said in its recent earnings statement.
Blackstone recently announced plans to sell its US medical real estate investment trust BioMed Realty Trust for $14.6bn to a group led by existing BioMed investors. Following the deal, BioMed will be owned by a new “long-term, perpetual capital, core-plus-return strategy managed by Blackstone”.
Texas Permanent School Fund told IPE Real Assets that it has approved $60m commitment in a fund called Blackstone BioMed Life Science Real Estate, but neither the pension fund nor Blackstone would confirm whether the BioMed fund was the same vehicle as the perpetual fund.
As previously reported, Tennessee Consolidated Retirement System has also invested in the BioMed fund.
Texas Permanent also made $75m commitment to the Breakthrough Properties Growth Portfolio I, another US life science-related fund. The manager Breakthrough Properties was formed in 2019 in a joint venture with Tishman Speyer and Bellco Capital.
Texas Permanent said it issued a $100m commitment to the NW1 Strategic Investment Partnership I, a fund which targets apartments, industrial and mixed-use assets. It has also issued $60m into PAG Enhanced Credit Fund II and $35m into KKR Bklyner Co-Invest.
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