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.
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.