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Blackstone's 2nd Asia RE fund gets US$100M boost from Illinois pension fund

The Illinois Municipal Retirement Fund is contributing US$100 million to Blackstone Group LP's planned US$5 billion real estate fund for Asian investments.

IPE Real Estate reported April 5 that the Illinois pension fund confirmed the planned investment in Blackstone Real Estate Partners Asia II. The successor of a US$5.1 billion fund launched in 2013, the new fund will focus on retail and industrial property investment opportunities across the Asian continent.

The retirement fund is also investing US$50 million in Dune Real Estate Fund IV, the latest value-add/opportunistic property fund from Dune Real Estate Partners LP.