Blackstone says it’s close to finalizing one of the largest real estate investment funds in history.
The investment giant has raised $24.1 billion in the last three months for its latest opportunistic real estate fund, known as Blackstone Real Estate Partners X, it said in a regulatory filing Wednesday.
That capital, along with $300 million of Blackstone’s own money and an additional $5.9 billion it says it’s allocated to investors, would bring the pool to $30.3 million when completed — making it the largest private-equity real estate investment vehicle ever assembled, according to the Wall Street Journal. The current record belongs to the fund’s predecessor, Blackstone Real Estate Partners IX, which raised $20.5 billion in 2019.
Combined with funds for real estate in Asia and Europe, Blackstone will have more than $50 billion available for opportunistic investments. Only about 12 percent of the fund has been invested, it said.
Despite reporting a $29.4 million net loss in the second quarter, Blackstone remained bullish on the strength of its real estate portfolio. Its Core+ real estate business appreciated 2.3 percent year over year, helping make up for a 1 percent loss posted by the firm’s opportunistic real estate holdings.