Blackstone Real Estate Partners Asia closes second fund at $7.1bn

Blackstone’s second Asian opportunistic real estate fund has closed with total capital commitments of $7.1Bn (€6.04bn).

As previously reported by IPE Real Assets, a number of recent commitments into Blackstone Real Estate Partners Asia II (BREP Asia II) have come from investors in the US, including the New York State Teachers Retirement System and Virginia Retirement System.

San Francisco City Employees, Illinois Teachers, the Illinois Municipal Retirement Fund and South Dakota Investment Council also invested.

The US private equity firm said BREP Asia II reached its hard cap target. Together with commitments from Blackstone and its affiliates, BREP Asia II has around $7.1bn of capital commitments.

The fund will be investing in existing assets and developments – through debt and equity acquisitions – in China, India, Japan and Australia.

Chris Heady, Blackstone’s head of real estate in Asia, said: “We are deeply grateful for the ongoing trust of our limited partners and continue to see exciting opportunities to deploy capital across the region.”

Kathleen McCarthy, the global co-head of Blackstone Real Estate, said: “We are eager to build on the success of our first Asia real estate fund and believe we are well-positioned to capitalize on the continued strong growth the region is experiencing.”

Ken Caplan, the global co-head of Blackstone Real Estate, said: “The size of this fund – the largest ever dedicated to real estate investing in Asia – gives us flexibility to pursue a range of opportunities and commit capital with speed and scale.”

 

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