Virginia Retirement invests $400m in Blackstone and GIP mega-funds

Virginia Retirement System is investing $400m (€351m) in the two biggest real estate and infrastructure funds currently in the market.

The $80.2bn pension fund said it will commit $200m to Blackstone Real Estate Partners IX and the same amount to Global Infrastructure Partners Fund IV.

As previously reported, Blackstone’s latest global real estate fund is expected to raise $20bn, while Global Infrastructure Partners’ latest fund is expected to be its largest yet, also seeking $20bn.

The Blackstone fund is targeting mid-teen returns and is pursuing four main investment themes: the growth of global logistics, ‘innovation cities’, global leisure and travel, and shortages in rental housing.

The Global Infrastructure Partners fund will focus on large and complex infrastructure transactions.

Virginia Retirement System is also committing $50m to the EIG Energy Fund XVII, which targets global natural resources and energy infrastructure.

As of 30 September 2018, real assets accounted for 13.4% of Virginia Retirement’s total assets.

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