Key Takeaways
- • The New York State Common Retirement Fund (NYSCRF) approved a $300m (€280m) commitment to Blackstone Real Estate Partners Europe VII (BREP VII), its seventh European opportunistic real estate fund, with the commitment closed at the end of March 2024.
- • According to industry sources cited by IPE Real Assets, Blackstone raised $2.2bn in first-quarter 2024 commitments, bringing BREP VII fundraising to $7.6bn against a $10bn target.
- • NYSCRF placed $200m into ITE Rail LP, an open-ended real assets fund targeting rail asset leasing.
- • Through its real estate emerging manager programme, NYSCRF committed $15m to Liftbridge Commercial Fund 3, a real estate debt fund managed by Stillwater Asset Management that provides property-backed commercial real estate loans.
Summary
The New York State Common Retirement Fund has approved a $300m (€280m) commitment to Blackstone's seventh European opportunistic real estate fund, Blackstone Real Estate Partners Europe VII (BREP VII), according to IPE Real Assets. The pension fund said it closed the commitment at the end of March 2024.
Industry sources cited in the report indicate Blackstone secured $2.2bn in capital commitments during the first quarter, bringing total fundraising for BREP VII to $7.6bn. That places the vehicle closer to its $10bn target.
Beyond the BREP VII allocation, NYSCRF said it placed $200m into ITE Rail LP as part of a real assets investment. The article describes ITE Rail as an open-ended fund that targets asset leasing in the rail sector.
The pension fund also made a smaller commitment through its real estate emerging manager programme, placing $15m into Liftbridge Commercial Fund 3, managed by Stillwater Asset Management. The fund invests in real estate debt, offering capital to commercial real estate assets through property-backed loans.
Industry sources cited in the report indicate Blackstone secured $2.2bn in capital commitments during the first quarter, bringing total fundraising for BREP VII to $7.6bn. That places the vehicle closer to its $10bn target.
Beyond the BREP VII allocation, NYSCRF said it placed $200m into ITE Rail LP as part of a real assets investment. The article describes ITE Rail as an open-ended fund that targets asset leasing in the rail sector.
The pension fund also made a smaller commitment through its real estate emerging manager programme, placing $15m into Liftbridge Commercial Fund 3, managed by Stillwater Asset Management. The fund invests in real estate debt, offering capital to commercial real estate assets through property-backed loans.
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