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UC invests $4 billion in Blackstone real estate fund

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Blackstone has a longstanding relationship with the university, which has been an investor in the company for over 15 years.


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JANUARY 05, 2023

The University of California invested $4 billion in the Blackstone Real Estate Income Trust, Inc., or BREIT, on Tuesday, planning for a long-term strategic investment.

Blackstone is the largest alternative asset manager across real estate, private equity, credit, infrastructure and other asset classes, according to Blackstone Vice President of Global Public Affairs Thomas Clements. Blackstone manages $951 billion in assets and serves institutional investors that represent millions of pensioners.

The university’s investment took the form of BREIT Class I common shares, which stand as the largest existing sharing class, according to a Blackstone press release. The release added that Blackstone will present $1 billion worth of BREIT holdings to contribute to the investment.

Clements noted that Blackstone investments include endowments, pension funds and sovereign wealth funds, which provide retirement benefits to over 31 million workers across various industries.

“In the current environment, investors can benefit from stable cash-flowing investments that can grow with high global inflation,” said Chief Investment Officer of UC Investments Jagdeep Singh Bachher in the press release. “We consider BREIT to be one of the best positioned, large-scale real estate portfolios in the U.S., managed by one of the world’s top real estate investors. This is an opportunity that comes only through strong, trusted partnership.”

Bachher predicted that the investment would offer UC Investments clients a varied real estate profile demonstrative of the “culture of The UC Investments Way.”

Clements added that Blackstone has a longstanding relationship with the university, which has been an investor in the company for over 15 years.

“We have tremendous confidence in how Jon Gray and the Blackstone team have curated a high quality real estate portfolio that is well positioned to deliver over the long-term,” said Senior Managing Director of UC Investments Satish Swamy in the press release. “We initiated this transaction and look forward to working closely with the Blackstone portfolio companies to explore and build upon mutual opportunities, especially in student housing, staff and faculty housing, and affordable housing in California.”

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JANUARY 05, 2023