TCDRS approves $150m Blackstone Real Estate commitment

The US public pension has backed Blackstone's fourth real estate debt vehicle.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $31.92bn
Allocation to alternatives: 36.55%
Bitesize: $100-200m

Texas County and District Retirement System has agreed to commit $150 million to Blackstone Real Estate Debt Strategies IV, according to a recent report from the pension’s website. The mezzanine debt fund will finance real estate projects across North America.

TCDRS is a repeat investor to Blackstone’s real estate debt series, having previously committed $100 million to the fund’s predecessor in 2015.

The $31.92 billion US public pension has a 25.0 percent target allocation to private debt that currently stands at 18.80 percent.

As illustrated below, TCDRS has made three commitments to private debt funds with a 2019 vintage, which combined constitute $550 million.

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