New York Common puts $500m into Blackstone and Prologis funds

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.

NYSCRF first made a $500m commitment to the Blackstone fund in 2015. It made an initial commitment of $300m to the Prologis fund last year.

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.

The Prologis Targeted US Logistics Fund has been attracting new investors after Prologis decided to transfer a portfolio of assets from its balance sheet to the vehicle.

In support of its decision, NYSCREF said the fundamentals and outlook for industrial assets in the US were strong.

Related images

  • Manhattan, New York

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

Begin Your Search Now