California Public Employees Retirement System (CalPERS) has revealed it committed $1bn (€840m) of the $8bn raised for Blackstone’s global real estate debt fund.

The pension fund represented 12.5% of the capital secured for Blackstone Real Estate Debt Strategies IV when it closed to new investors in September last year, according to a board meeting document.

At the time, Blackstone said it was the largest real estate debt fund ever raised.

CalPERS and Blackstone declined to comment further, but the board meeting document shows that the investment will form part of an opportunistic programme that allows the pension fund to invest in opportunities that sit outside its established asset allocation.

CalPERS does not have a target allocation for the opportunistic programme, but it is limited to 5% of the total portfolio and was valued at $900m at the end of January.

According to sources familiar with matter, the Blackstone fund will focus on the US market, but will also look at opportunities in Europe and Australia.

Earlier this week, BentallGreenOak announced it had raised €869m for its latest European real estate debt fund.

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