New York State Common Retirement Fund (NYSCRF) has approved a $300m (€280m) commitment to Blackstone’s seventh European opportunistic real estate fund.

The pension fund said it closed its commitment to Blackstone Real Estate Partners Europe (BREP) VII at the end of March this year.

According to industry sources, Blackstone secured $2.2bn in capital commitments in the first quarter, bringing their total fundraising to $7.6bn so far for BREP VII. This puts the fund closer to its $10bn target.

NYSCRF said it has also placed $200m into the ITE Rail LP, as part of a real assets investment.  ITE Rai is an open-ended fund that targets asset leasing within the rail sector.

he pension fund also issued a commitment via its real estate emerging manager programme by placing $15m into the Liftbridge Commercial Fund 3, a fund managed by Stillwater Asset Management. 

Europe map

Source: Pexels

Liftbridge Commercial Fund 3 invests in real estate debt, by offering capital to commercial real estate assets through property-backed loans.

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