Minnesota State Board of Investment (SBI) is considering making a $150m (€137.4m) commitment to Blackstones’ latest European opportunistic real estate fund.
The pension fund disclosed a meeting document that it intends to approve the capital to Blackstone Real Estate Partners Europe (BREP) VII.
Once approved, the investment will be Minnesota SBI’s first commitment to Blackstone’s Europe real estate fund series.
Last month, IPE Real Assets reported that Blackstone had raised an initial $1.3bn for BREP VII at its first close. Back in April, Blackstone revealed it was seeking to raise around €10bn for BREP VII, a fund with a capital-raising target similar to the €9.8bn raised for the predecessor fund in 2020.
The amount Minnesota SBI plans to place into BREP VII is not expected to be more than 20% of the fund’s total capital raised.
Minnesota SBI is also considering making a $200m commitment to Brookfield Strategic Real Estate Partners (BSREP) V, a fund with a hard cap of $15.38bn.
BSREP V is Brookfield’s fifth global opportunistic real estate fund.
The Brookfield strategic real estate partners fund series has an investment history of placing capital into a variety of property types including office, multifamily, logistics, retail, hospitality, mixed-use and alternative real estate.
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