Calstrs will invest less in new Blackstone fund: report
(Reuters) - Calstrs, one of the largest U.S. pension funds, will invest only $250 million in Blackstone Group's (BX.N) newest private equity vehicle, a rollback from the $1.7 billion it committed to the firm's prior fund, people familiar with the matter told the Wall Street Journal.
The move by the California State Teachers' Retirement System (Calstrs), which manages $160 billion in assets, is a the latest example of obstacles piling up for private equity firms.
Buyout funds depend on a constant stream of outside investors, known as LPs or limited partners, for the capital to make deals.
The WSJ report did not state any specific reason for Calstrs' cut in investment.
No one at Blackstone or Calstrs could be reached for immediate comment.
(Reporting by Sweta Singh in Bangalore; Editing by David Holmes)