The university will invest an additional $500 million in the REIT on March 1 and the investment will have the same structure, terms and fees as the initial investment.
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 plan eliminated its $1.4 billion internally managed global REIT allocation to meet the objective of its real assets portfolio.
The plan will consider eliminating its global REITs allocation for liquidity purposes and disclosed a commitment to an existing infrastructure manager today.
The plan disclosed an additional investment and two terminations at Friday’s meeting and recently saw the departure of its deputy cio.
The plan will seek a core fixed-income manager next year and recently terminated a REIT manager to fund a new private real estate mandate.
Plan added a direct real estate investment and a REIT investment to fill out a new 5% allocation to the asset class.
The plan is in the process of filling its 5% private credit target and conducting a real estate portfolio structure review.
The 529 plan added emerging markets equity and global REIT strategies within its portfolio of age-based investment options.
The plan will commit up to $3.9 billion to private equity, private credit and real assets.
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