The Blackstone Group expects to reach a final close in June for its latest European opportunistic real estate fund in June, hitting its ‘hard cap’ of €7.5bn.

Blackstone Real Estate Partners Europe V raised €4.6bn in March 2016 and is set to almost double that figure in the coming weeks, according to one of the prospective investors.

In 2015, IPE Real Estate reported that Blackstone was aiming to raise €7bn for the fund.

The Connecticut Retirement Plans and Trusts Funds (CRPTF) is considering a $50m (€47.1m) commitment, according to a board meeting document.

Blackstone, which declined to comment, has already committed 15% of the fund’s capital to transactions.

The pension fund is looking to increase its exposure to opportunistic real estate.

A $50m commitment would bring it close to its 25% target for opportunistic strategies. In September last year, the proportion was 19.1%.

The pension fund invested $50m in Blackstone Real Estate Partners Europe III, launched in 2008.

The fund generated a net internal rate of return of 15.7% through to September 2016.

One of Blackstone’s main strategies for the new fund will be to acquire office buildings in London and other major European cities with high vacancies – or those facing high vacancies in the near term – at deep discounts to estimated replacement cost.

Blackstone has already acquired 25 London office buildings under this strategy, comprising more than 6m sqft since 2009.

The real estate manager is also to purchase distressed debt.