Real Estate
The pacing plans will target a combined $625 million to the two asset classes.
The plan will consider hiring five multi-asset credit managers and terminating five existing managers.
The university invested $4 billion in the Blackstone Real Estate Income Trust and the firm will provide a $1 billion backstop if the fund does not achieve a minimum annual return of 11.25% for six years.
The commitment represents a new relationship for the plan.
The plan terminated a core real estate manager that had been on watch since March for both organizational and performance reasons.
Plan disclosed $415 million in recent alternatives commitments from December.
The plan added up to $340 million in commitments to existing private equity and real estate manager relationships.
The fund is looking for multi-family real estate specialist managers as it looks to transition some of its portfolio’s overweight industrial exposure to multi-family real estate.
The plan added a follow-on private real estate commitment earlier this quarter.
The plan also approved two real assets commitments along with a 2023 pacing plan at last week’s meeting.