New York State Common Retirement Fund (NYSCRF) is investing $350m (€357m) in a Blackstone debt fund targeting companies active in renewables and energy transition.
Blackstone Green Private Credit Fund III will provide senior secured loans, mezzanine financing, preferred equity and other structured debt to companies in North America, according to the pension fund.
Blackstone declined to comment, but in January the company announced the launch of a Sustainable Resources Credit Platform that would focus on “renewable energy companies and those supporting the energy transition”.
NYSCRF told IPE Real Assets: “We anticipate [the fund] will generate a net IRR that exceeds our hurdle of around 10% by providing much needed capital to the North America renewable and energy-transition sectors.”
The pension fund also revealed it had acquired two medical office buildings through its separate account managed Heitman.
The Shady Grove Professional Centers in Rockville, Maryland, were bought for $46.3m.
NYSCRF said it believed that “medical office buildings are recession-resistant, and help to diversity its office portfolio, which is weighted towards traditional office properties”.
The pension fund has also added to its emerging manager programme with a $15m commitment to a joint venture with MCB Real Estate.
MCB GP Accelerator will invest co-GP capital alongside early-stage real estate operators and developers.
