Blackstone and the Office of the Chief Investment Officer of the Regents of the University of California (UC Investments) announced a "long-term strategic venture," in which UC Investments will invest $4 billion in Blackstone Real Estate Income Trust, Inc. (BREIT) Class I common shares at the January 1, 2023, public offering price.  That is the largest share class. UC Investments had previously invested $2 billion in other Blackstone funds for more than 10 years.

UC Investments can ratably redeem the investment in two years after 2028, for an effective 6-year hold. "Outside of the long-term nature of this investment, the Class I common shares to be acquired by UC Investments will be no different from any other outstanding Class I common shares," the announcement said.

In return, Blackstone will "contribute $1 billion of its current BREIT holdings as part of a strategic venture with UC Investments."