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New York City Retirement has committed $75 million to Blackstone Group's fourth opportunistic real estate fund
Real Estate Alert, July 7, 2004
New York City Retirement has committed $75 million to Blackstone Group's fourth opportunistic real estate fund. The bulk of the money appears to be coming from New York City Employees, one of four pension plans in the city's retirement system. Of those pension plans, New York City Employees has shown the greatest preference for opportunistic investments.
The Blackstone vehicle, Blackstone Real Estate Partners IV, has accumulated a whopping $2.2 billion of equity--far exceeding its initial target of $1.5 billion. The fund seeks an average annual leveraged return of 20% after fees.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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