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May 30, 2018  

Pension, Blackstone Revise Deal Terms

A seed deal New Jersey Investment Council inked with Blackstone three years ago hasn’t turned out as the pension manager had hoped.New Jersey Investment extracted unusually generous terms from Blackstone when it agreed in 2015 to provide $250 million of seed capital for a jumbo-mortgage investment vehicle dubbed Blackstone TacOps Residential Opportunities. In addition to a discounted management fee equal to 1% of assets, and no performance...

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