Blackstone’s real estate business invested a record $8bn (£5.1bn) during the second quarter of 2015, taking its total fee-earning assets under management up by 19% to $62.7bn.
Total funds under management were up by 14% year-on year to $91.6bn as investors piled into the US private equity company’s real estate arm over the three months to the end of June.
The three main elements of the company’s real estate division – BREP, BREDS and BPP – each invested $3bn of capital globally and raised a further $1.9bn during the period.
This takes the amount invested by partners to $18.3bn in the year to date.
Over the quarter Blackstone realised $4.7bn through a number of private disposals as well as refinancings and a Hilton secondary equity offering.
The Blackstone Mortgage Trust lending business raised a further $1bn in equity offerings, increasing its market capitalisation at the end of the period to $2.6bn.
However, total revenues across real estate were down by 58% on the same quarter in 2014 to $326m as unrealised carried interest and investment incomes of nearly $300m cut possible income in the quarter.
