Blackstone Arm to Buy Real-Estate Interests From Calpers
November 12 2015 - 4:10PM
Dow Jones News
Blackstone Group LP's secondaries arm has agreed to buy $3
billion in real-estate fund interests from the California Public
Employees' Retirement System, in the biggest transaction of its
kind to date.
So-called secondaries involve investors such as pension funds,
endowments and wealthy families selling off their investments in
private-equity funds before the pools have sold off all their
assets.
The deal includes 43 international and domestic funds in
Calpers' nonstrategic real estate portfolio. Calpers, the largest
U.S. pension fund, has been working to reduce risk and complexity
in an investment portfolio worth about $300 billion.
Blackstone established the secondary fund, Strategic Partners
Fund Solutions, in 2000. The fund has a long history of real estate
deals, having struck some 100 real estate secondary deals since
2001.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 12, 2015 15:55 ET (20:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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