California Public Employees Retirement System (CalPERS) has approved a $750m (€726.4m) commitment to Blackstone Mileway Logistic, the pension fund disclosed in a meeting document.

In February this year, Blackstone announced plans to recapitalise Mileway, its pan-European last-mile logistics company in a €21bn deal. Blackstone said existing investors in Mileway have been offered the opportunity to retain or increase their shareholding, or exit for cash, alongside Blackstone’s core-plus strategy, and to hold the logistics company for the long term.

At the time, Blackstone said the large majority of capital for the recapitalisation is coming from existing investors.

CalPERS declined a request for further comment on the Blackstone Mileway Logistic entity. Blackstone did not respond to a request for comment.

CalPERS also disclosed in the meeting document that it made a $400m commitment to Institutional Logistics Partners, the pension fund’s existing $3.4bn US core industrial partnership with BentallGreenOak.

CalPERS also issued a $400m commitment to CalEast Solstice, an industrial real estate investment relationship with GI Partners valued at $11.8bn.

According to CalPERS, it also invested $285m into TechCore 2019, a technology-based real estate investment relationship with GI Partners, currently valued at $1.9bn.

The final real estate commitment by the pension fund was $380m made to Fifth Street Properties, a $6.4bn office real estate investment partnership managed by CommonWealth Partners.

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