NYSCRF commits $500m to Blackstone Real Estate Partners IX

New York State Common Retirement Fund (NYSCRF) has committed $500m (€440m) to Blackstone’s latest global real estate mega-fund, the largest known single contribution a US pension plan.

Blackstone is seeking to raise its biggest-ever global opportunity fund and is expected to raise $20bn for Blackstone Real Estate Partners IX.

NYSCRF told IPE Real Assets that the size of the fund would enable it “to pursue strategies that other funds cannot”, and the fund commitment would give NYSCRF “access to transactions it would never have access to directly”.

The $213bn pension fund said: “Blackstone has a long history of successfully executing on its opportunistic strategies and outperforming its peer managers.

“Given where the NYSCRF perceives that where we currently are in the real estate cycle in the US and globally, the ability of Blackstone Real Estate Partners IX to invest globally is appealing.

“If the best risk-adjusted returns are to be found outside the US, Blackstone can invest there, and take advantage of opportunities in the US when the inevitable downturn next occurs.

As previously reported, US institutional investors New Mexico State Investment Council, Texas Permanent School Fund, New York State Teachers Retirement System, Virginia Retirement System, Teacher Retirement System of Texas have all backed the fund.

Blackstone declined a request for comment.

Related images

  • US City

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

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

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Now