California Public Employees Retirement System (CalPERS) is investing $1.85bn (€1.73bn) in real estate debt via funds managed by Blackstone and Mesa West Capital.
The $463bn pension fund disclosed in a meeting document that it has approved a $1.5bn (€1.4bn) commitment to Blackstone Real Estate Debt Strategies V and placed $350m into Mesa West Real Estate Income Fund V.
According to an SEC, Blackstone has so far raised $3.59bn for its latest global debt fund. Blackstone raised $8bn for a previous fund in the series which closed in September of 2020.
The fundraising target for Debt Strategies V is currently unknown. Blackstone declined a request for comment.
Debt Strategies V’s investment focus includes real estate lending, liquid securities, structured solutions to financial institutions and corporate credit.
Earlier this year, Mesa West closed Fund V with $1.37bn of capital commitments. The fund will provide original debt, purchase existing loans and manage loans on value-add and transitional assets in the US.
CalPERS also made a $750m commitment to Brookfield Infrastructure Fund V.
Last month, IPE Real Assets reported that the commitments to Brookfield’s fifth global flagship infrastructure fund had reached $27bn.
“This vintage will continue to grow as we close out more capital commitments before year-end,” the manager said at the time.
CalPERS also disclosed in the meeting document that it approved a $500m commitment to DB SAF C Strategic Partners but declined a request for further details.
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