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Blackstone to Buy $3 Billion in Calpers Property Fund Stakes

By Tony Seruga

Firm gets pension’s share in 43 domestic, international funds
Part of broader Calpers plan to use fewer asset managers

Blackstone Group LP agreed to buy $3 billion of real estate fund stakes from the California Public Employees’ Retirement System as the pension plan moves to become leaner.

Blackstone’s Strategic Partners unit will acquire Calpers’ share in 43 funds from around the globe, according to a statement Thursday from the New York-based firm. In June, Calpers said it would sell as much as $3 billion of its real estate portfolio as part of a broader plan to reduce costs and invest with fewer asset managers…

Blackstone to Buy $3 Billion in Calpers Property Fund Stakes

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