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New York pension fund invests $300M in Blackstone Asia RE fund

The New York State Common Retirement Fund committed $300 million to Blackstone Group LPs $5 billion pan-Asian real estate fund, IPE Real Assets reported.

The pension fund told IPE Real Assets that its decision to invest in Blackstone Real Estate Partners Asia II was based on Blackstone's presence and track record in the region, and the robustness of Asian economies.

According to the report, the pan-Asian real estate fund is targeting a gross internal rate of return of 20% and will be pouring capital into China, Japan, India and Australia.