South Dakota approves $100m commitment

The Sioux Falls-based public pension has backed Blackstone's third Asian private real estate vehicle.

Institution: South Dakota Investment Council
Headquarters: Sioux Falls, US
AUM: $18.45 billion
Allocation to alternatives: 31.1%

South Dakota Investment Council has approved a $100 million commitment to Blackstone Real Estate Partners Asia III, according to recently released materials from an August investment meeting.

Blackstone is a global investment firm that invests capital on behalf of pension funds and large institutions across alternative asset classes. It topped affiliate title Private Equity International‘s PEI 300.

Launched in June, REP Asia III will invest across the APAC region, with a particular focus on Australian, Japanese, Indian and Chinese markets. The opportunistic vehicle has a fundraising target of $9 billion, and has collected $4 billion in investor capital as of November 2021.

SDIC has been a long-time investor to Blackstone funds, including a $300 million commitment to REP Asia III’s predecessor, which held a final close in April 2018 having raised more than $7 billion against its $5 billion target.

SDIC allocates 10 percent of its full investment portfolio to real estate, aligned with its target allocation to the asset class.

As shown below, SDIC’s recent private real estate commitments have tended to focus on opportunistic vehicles with a global investment reach across a variety of sectors.

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