New York State Common Retirement Fund (NYSCRF) has committed $500m (鈧�440m) to Blackstone鈥檚 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 91传媒在线 that the size of the fund would enable it 鈥渢o pursue strategies that other funds cannot鈥�, and the fund commitment would give NYSCRF 鈥渁ccess to transactions it would never have access to directly鈥�.
The $213bn pension fund said: 鈥淏lackstone has a long history of successfully executing on its opportunistic strategies and outperforming its peer managers.
鈥淕iven 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.
鈥淚f 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.
