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Maine Public Employees pledges up to $350 million to Blackstone fund

Maine Public Employees Retirement System's board approved a commitment of up to $350 million to Blackstone Property Partners, an open-end core-plus real estate fund, said Andrew Sawyer, chief investment officer, in an email.

The $13.1 billion Augusta-based pension fund approved the commitment to the fund managed by Blackstone Group at its board meeting on Thursday.

The commitment is subject to due diligence, legal review and negotiations.

The pension fund's most recent Blackstone commitments were up to $60 million to Blackstone Capital Partners VII, a private equity fund, and up to $50 million to Blackstone Real Estate Partners Fund VIII, both in 2015.