Blackstone’s latest global real estate fund has closed at $30.4bn (€27.8bn), making it the largest real estate or private equity ‘drawdown’ fund ever raised, according to the fund manager.
As previously reported, the Teachers’ Retirement System of Louisiana, Arkansas Teacher Retirement System, the Oklahoma Teachers’ Retirement System, Tennessee Consolidated Retirement System, Minnesota State Board of Investment, Teachers’ Retirement System of the State of Illinois and the New York State Common Retirement Fund were among the investors to commit capital to Blackstone Real Estate Partners X (BREP X).
Blackstone’s predecessor BREP IX fund raised $20.5bn at its close in September 2019.
Kathleen McCarthy, the global co-head of Blackstone Real Estate, said: “In every market cycle we have delivered for our customers by using our insights and advantages to concentrate their capital in investments poised to deliver strong returns.
“This record-setting fundraise reflects the trust we have built with our limited partners, and we are grateful for their continued confidence as we enter a compelling investment environment.”
Ken Caplan, global co-head of Blackstone Real Estate, said: “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 favoring our high-conviction themes.”
In total, Blackstone’s three opportunistic strategies, covering global, Asia and Europe, respectively, now have $50bn of capital commitments, the manager said.
To read the latest edition of the latest IPE Real Assets magazine click here.