New York State Common Retirement Fund (NYSCRF) has increased its investment in two real estate funds managed by Blackstone and Prologis, to the tune of $500m (€425m).
The pension fund told IPE Real Assets it had committed a further $200m to Blackstone Property Partners and $300m to the Prologis Targeted US Logistics Fund.
The open-ended, core-plus Blackstone Property Partners has grown to $25.5bn, according to its first-quarter earnings report.
NYSCRF said the latest investment in the fund would enable it to deploy capital quickly and to remain invested “for a longer period of time than is possible in a typical closed-end fund structure”.
It also said the fund’s core-plus strategy was attractive “at this time in the investment cycle”.
Blackstone declined a request for comment.
In support of its decision, NYSCREF said the fundamentals and outlook for industrial assets in the US were strong.