IMRF backs new Blackstone European opportunistic property fund

Blackstone has begun raising capital for its sixth European opportunistic real estate fund and has received a commitment from Illinois Municipal Retirement Fund (IMRF).

The $40.7bn (€35.9bn) pension fund said in a board meeting document that it has approved €100m for Blackstone Real Estate Partners Europe VI (BREP Europe VI).

According to sources that track fundraising, Blackstone is at an early stage for BREP Europe VI and its target is unknown.

Blackstone raised €7.8bn for the predecessor fund in June 2017.

Blackstone declined a request for comment.

IMRF already has an existing relationship with Blackstone worth $814m.

The pension fund also made a $25m commitment to Long Wharf Real Estate Partners VI.

Long Wharf Capital’s value-add fund targets US assets is targeting net returns of 12% to 15%.

According to IMRF, its existing relationship with the Boston-based manager is currently worth $43.7m.

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