South Dakota Retirement System has increased its exposure to Blackstone’s 2015-vintage energy fund by acquiring a $35 million original commitment to the vehicle.
The identity of the seller was not disclosed and a spokeswoman for the $10.8 billion pension declined to comment past the meeting minutes.
BEP II closed on its $4.5 billion hard-cap in January 2015 after one year of fundraising, according to PEI data.
South Dakota had committed $50 million to the fund. Other investors include Oregon State Treasury and California State Teachers’ Retirement System, which made commitments of $200 million and $100 million respectively.
In April Blackstone announced it had agreed to acquire EagleClaw Midstream Ventures, a Texas-based privately-held midstream natural gas operator, for around $2 billion. It is understood that capital for the deal came from vehicles including BEP II.
Public pensions accounted for just over 1 percent of buyers last year, according to a 2016 volume report by Setter Capital.
Around 9 percent of SDRS’s portfolio is exposed to private equity, according to PEI data. The pension provides benefits to more than 71,000 members and their families.