Blackstone has announced the final close of its latest global real estate fund, Blackstone Real Estate Partners X, with total capital commitments of $30.4bn (£24.4bn).
The total makes it the largest real estate or private equity drawdown fund ever raised.
In total, Blackstone’s three opportunistic strategies (Global, Asia and Europe) now have $50bn of capital commitments.
Kathleen McCarthy, global co-head of Blackstone Real Estate, said the “record-setting fundraise” reflected the trust it has built with its limited partners.
Global co-head Ken Caplan added: “We believe the current market is tailor-made for Blackstone Real Estate. We have made some of our best investments in periods characterised by the market volatility and dislocation we see today. Furthermore, sector selection has never been more critical as we witness the bifurcation of performance within real estate, which is favouring our high-conviction themes.”
Blackstone said it had delivered a 16% net IRR on more than $100bn of committed capital in its BREP global funds over more than 30 years. It has recently shifted its portfolio away from assets facing headwinds, such as traditional offices and shopping centres, and is now 80% concentrated in logistics, rental housing, hospitality, lab offices and data centres.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
