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Pennsylvania SERS allocates €250M in Blackstone fund

21 September 17 - RE+D Magazine
Pennsylvania SERS allocates €250M in Blackstone fund

COMPANIES

Savills

Consultant - GREECE

IBI Group

Consultant - GREECE

Solum Property Solutions

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
Pennsylvania State Employees’ Retirement System is investing $300million (€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, according to realestate.ipe.com.

Its previous commitments for were for opportunistic funds. It has committed $50million to the SRE Opportunity Fund III and placed a further $50million into a discretionary co-investment fund.

Pennsylvania SERS said Singerman’s strategy would be to focus on US commercial real estate.

Singerman, which did not comment, invests in both real estate debt and equity, focusing on office, retail, hotel and multifamily sectors.

The other $100million commitment is for C-III Recovery Fund III.

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