Blackstone has closed its largest-ever real estate fund, raising $20.5bn (€18.6bn) for the Blackstone Real Estate Partners (BREP) IX fund.
Blackstone’s predecessor BREP VIII fund raised $15.8bn in 2015.
BREP IX will have the same investment strategy as previous funds, seeking large and complex transactions across the globe, including the acquisition of entire real estate companies.
Announcing the final close, Kathleen McCarthy, global co-head of Blackstone Real Estate, said: “This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991.
“We are grateful to our investors for their ongoing support and look forward to putting this capital to work on their behalf.”
Ken Caplan, global co-head of Blackstone Real Estate, said: “Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes.
“BREP IX’s scale allows us to commit capital globally in a differentiated set of complex transactions.”