Teachers’ Retirement System of the State of Illinois is investing $100m (€84.7m) in Blackstone’s latest Asian real estate fund.
The pension fund confirmed to IPE Real Estate that it had committed capital to Blackstone Real Estate Partners Asia II.
Earlier this month, IPE Real Estate reported that another pension fund – Illinois Municipal Retirement Fund – had invested in the fund and that Blackstone was seeking to raise $5bn.
Blackstone declined to comment.
Illinois Teachers, which has a $5.6bn real estate porfolio, invested in the fund’s predecessor and has $592.4m in real estate assets managed by Blackstone in the form of fund investments and co-investments.
The pension fund told IPE Real Estate it has “an extensive relationship with Blackstone and this relationship has proven to be very successful”.
Illinois Teachers said the new fund investment would help it “expand its investment opportunities in Asia”.
Blackstone’s first Asian fund raised $5bn in 2013 and still has $2.9bn of available capital, according to its recent second-quarter earnings report. It has produced a net internal rate of return of 17%.
