Pennsylvania PSERS backs Blackstone’s Europe infrastructure fund

Pennsylvania Public School Employees’ Retirement System (PSERS) has backed a new open-ended core and core-plus infrastructure fund managed by Blackstone. 

The $73bn (€65.9bn) pension disclosed in a meeting document that it had approved a €200m commitment to Blackstone Infrastructure Partners (BIP) Europe. Pennsylvania PSERS has $160m remaining for infrastructure investment in 2024 after its latest investment.

According to sources, Blackstone aims to raise €1bn to €2bn initially for BIP Europe. Blackstone plans to invest 2.25% of the fund’s total capital commitment alongside external investors.

Pennsylvania PSERS expects BIP Europe to generate a net return of 10% to 12%. 

Blackstone declined a request for comment.

Blackstone currently oversees Blackstone Infrastructure Partners, an open-ended vehicle established in 2019 focused on US investments.

Blackstone reported the US fund’s asset value at $38bn in its second quarter 2024 earnings.

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