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Latest News  + Alternative Assets  + Real Estate  |  August 31, 2023
Blackstone, Brookfield Real Estate Funds Get Up to $350M from Minnesota State Board
Joe Palmisano
By: Joe Palmisano

Blackstone, Brookfield Real Estate Funds Get Up to $350M from Minnesota State Board

The $135 billion Minnesota State Board of Investment (SBI) approved up to $350 million to expand its real estate exposure in the fund’s private markets portfolio, according to recent board minutes.

Brookfield Strategic Real Estate Partners Fund V received a $200 million allocation, while Blackstone Real Estate Partners Europe Fund VII received a $150 million commitment.

Both funds will invest with a diverse approach, with the Blackstone fund focusing on acquiring under-managed, well-located assets across Europe, while Brookfield’s flagship fund will invest globally.

BREP Europe VII is aiming for $10.8 billion and Brookfield Strategic Real Estate Partners Fund V is targeting $15 billion for their opportunistic funds.

SBI had slightly more than $4.4 billion in real estate funds managed by 13 different managers across 36 funds, prior to the latest allocations. These commitments will add two more funds to its real estate investing portfolio.

Minnesota SBI invested in Brookfield’s previous vehicle, Strategic Real Estate Partners Fund IV. This will, however, be their first investment in Blackstone’s Real Estate Partners Europe fund.

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Minnesota State Board of Investment

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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