DCRB confirms $100m commitment

The US public pension has backed one of Blackstone's flagship regional open-ended core-plus property vehicles.

Institution: District of Columbia Retirement Board
Headquarters: Washington, DC, US
AUM: $10.09 billion
Allocation to alternatives: 8.9%

District of Columbia Retirement Board approved a $100 million commitment to Blackstone’s open-ended Property Partners fund at its February 2021 board meeting, according to recently released minutes.

Blackstone’s North America-focused core-plus evergreen vehicle has raised more than $15 billion from investors since its launch in 2014.

DCRB has a 2.3 percent allocation to private real estate. The pension’s wider real assets portfolio, which comprises exposure to public and private real estate, infrastructure and natural resources makes up 7.7 percent of DCRB’s full investment portfolio.

As illustrated below, the $10.09 billion US public pension’s recent private real estate commitments have predominantly focused on North American vehicles targeting value-add returns.

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