Private equity giant Blackstone's latest Asia fundraise was the big private equity winner amid $1.35bn of new alternative asset commitments from the Minnesota State Board of Investment.
Minnesota State Board commits $1.35 billion to private equity, real estate funds
Print
Minnesota State Board of Investment, St. Paul, approved private equity and real estate commitments totaling $1.35 billion at its meeting Wednesday, said Mansco Perry III, executive director and chief investment officer, in an email.
The board approved commitments of $300 million each to Blackstone Capital Partners Asia II, an Asian buyout fund managed by
Blackstone Group; Brookfield Strategic Real Estate Partners IV, a global real estate fund managed by
Brookfield Asset Management; and Carlyle Realty Partners IX, an opportunistic real estate fund managed by
The Carlyle Group.
The board also approved commitments of $150 million each to KKR MN Partnership, a private equity fund managed by
Brookfield Supports Loan Rework for Hotel REIT swfinstitute.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swfinstitute.org Daily Mail and Mail on Sunday newspapers.
10 Must Reads for the CRE Industry Today (May 1, 2021) The National Law Review and Commercial Property Executive each have pieces analyzing the implications of some of President Biden’s tax proposals for commercial real estate. Brookfield is launching its largest ever fund at $18 billion, reports IPE Real Assets. These are among today’s must reads from around the commercial real estate industry.
Section 1031 Tax Deferred Exchanges: Implications of the Biden Proposal “Section 1031 exchanges have long been credited with increasing investment in real estate, increasing deal velocity in real estate, and allowing many small businesses and investors to expand and grow their respective businesses.” (
Brookfield Is Raising Big Money For New Real Estate Funds Brookfield s Bruce Flatt
Brookfield Asset Management has begun the process of raising its next giant opportunity fund to buy underpriced real estate and has raked in new capital for a fund to provide debt to real estate owners.
Speaking after BAM’s 2020 results earlier this month, Chief Executive Bruce Flatt said the firm is in the market raising capital for the follow on to Brookfield Strategic Real Estate Partners III, which raised $15B in equity between 2017 and the start of 2019.
Flatt gave no details of fund size, but such funds are typically the same size or bigger than their predecessor, as long as the predecessor makes a good return. Brookfield said in December it was projecting the third fund would make a 19% gross internal rate of return and a gross multiple on invested capital of two times.