Real Estate
The watch status is due to a co-portfolio manager’s abrupt departure from the firm.
Firm’s new global head of real estate will lead the growth of its Canadian and U.K. real estate platforms in key markets.
The plan will consider multi-asset credit manager recommendations in March and terminated mandates with GMO and MetLife last week.
The changes followed two separate asset/liability studies from general investment consultant Verus.
The plan expects to approve a recommendation in the third quarter.
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.
