California Public Employees Retirement System (CalPERS) has approved an $800m (€675.5m) commitment into Blackstone’s life science office real estate perpetual fund.

The $490.8bn pension fund said in a meeting document that it is investing the capital into the Blackstone BioMed Life Science Real Estate fund.

BioMed owns and operates life science real estate in innovation markets throughout the US and UK, including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge UK.

The core-plus life science real estate fund seeks investments that can produce targeted returns of 12%. 

CalPERS, which declined a request for further comment, already holds an $808m investment in Blackstone Property Partners, a core plus open-ended fund.

The pension fund has also disclosed in the meeting document that it has made an additional $60m commitment to Golden Reef Infrastructure Trust, an Asia Pacific infrastructure investment separate account managed by Queensland Investment Corporation.

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