SAFE commits $500m to Blackstone property fund – report
China’s State Administration of Foreign Exchange (SAFE) has reportedly committed $500 million to The Blackstone Group’s latest real estate private equity fund. Blackstone Real Estate Partners VII has proved popular with investors and Stephen Schwarzman, the private equity firm’s chairman and CEO, said last week that he is “extremely confident” of reaching a $13.3 billion final close in the coming months.
According to The Wall Street Journal, this investment is part of SAFE's wider plan to allocate about 5% of its reserves to alternative assets such as private equity. The agency is responsible for managing...
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