Minnesota State Board of Investment (SBI) is planning to invest $100m (€85.4m) in Blackstone’s latest Asia real estate fund as part of a number of real estate and infrastructure investment recommendations.
According to a meeting document, the $129bn pension fund is proposing the investment into the Blackstone Real Estate Partners Asia III (BREP Asia III) fund.
According to sources, Blackstone expects the fundraise for the latest fund to exceed the $7bn it raised for BREP Asia II, its second Asia opportunity fund which invests in existing assets and developments – through debt and equity acquisitions – in China, India, Japan and Australia.
Minnesota SBI is also considering a $100m commitment to Landmark Real Estate Partners IX, a fund seeking to raise $3.5bn to make secondary investments in various types of real estate and real estate related entities.
The pension fund is recommending a $125m commitment to KKR Real Estate Partners Americas III, KKR’s latest opportunistic Americas real estate fund which plans to raise up to $3.5bn.
Minnesota SBI is also proposing a $100m investment into KKR Global Infrastructure Investors IV, a KKR fund reportedly seeking to raise $12bn for the global infrastructure fund.
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