North Carolina Retirement Systems has changed the strategy of its BlackRock-managed real estate investment trust (REIT) portfolio from emerging markets to global, according to the pension fund’s meeting document.
“Going forward, we see a better opportunity in developed markets as opposed to the emerging markets,” North Carolina Retirement’s investment management division told IPE Real Assets.
The $54m (€54.6m) that was allocated for emerging markets will now be invested in the BlackRock World REIT account which is benchmarked against FTSE EPRA NAREIT Developed Index.
North America accounts for 65% of the BlackRock World REIT portfolio with Asia and Europe representing 20% and 15% respectively.
North Carolina Retirement also disclosed in the meeting document that it has made a $500m commitment to Blackstone Real Estate Partners X.
Blackstone disclosed during a second-quarter earnings call that it had so far raised $24bn for Partners X, its latest global real estate fund, adding that it has a $30.3bn fundraising target for the opportunistic fund.
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