Pennsylvania State Employees’ Retirement System is investing $300m (€250m) in Blackstone’s core-plus real estate fund, Blackstone Property Partners.
It is the first time that the pension fund has used Blackstone for core assets. Its previous commitments for were for opportunistic funds.
Pennsylvania SERS told IPE Real Estate it had also hired Singerman Real Estate and C-III Capital Partners for the first time, allocating $100m to both real estate managers.
It has committed $50m to the SRE Opportunity Fund III and placed a further $50m into a discretionary co-investment fund.
Singerman, which did not comment, invests in both real estate debt and equity, focusing on office, retail, hotel and multifamily sectors.
Pennsylvania SERS said Singerman’s strategy would be to focus on US commercial real estate.
The other $100m commitment is for C-III Recovery Fund III.
C-III Capital Partners primarily invests in commercial real estate, distressed loans and securitised debt.
