Tampa (Fla.) General Employees Pension Fund committed $20 million to Blackstone Property Partners, an open-end core-plus real estate fund managed by Blackstone Group, recently released board meeting minutes said.
The $658 million pension fund conducted an invitation-only search earlier this year to “enhance the overall allocation to real estate,” earlier meeting minutes said. The pension fund's overall target allocation to real estate is 10%; as of May 31, the actual allocation was 6.2%.
J.P. Morgan Asset Management was the other finalist. Investment consultant Asset Consulting Group assisted.
Natasha Neagu, plan administrator, could not be immediately reached to provide further information.