Blackstone is poised to raise $20bn (€17.6bn) for its latest global real estate fund before the end of the year, according to one of its investors.

It would make Blackstone Real Estate Partners (BREP) IX the largest-ever property fund raised by the company and is greater than the previously reported target of $18bn.

According to a board meeting report from the New Mexico State Investment Council, Blackstone plans to hold a single close in December.

Blackstone stated the $20bn target during a presentation made to New Mexico SIC this week.

Blackstone declined a request for comment.

New Mexico SIC, which manages New Mexico’s $24bn permanent endowment fund, approved a $100m commitment to the fund this week.

A spokesman for the institution said: “Blackstone is a manager that has been a very strong performer for us in the past and with a great deal of success.”

BPEP IX will look to invest 60% of its capital in the US and Canada, and the rest in Europe and Asia-Pacific.

The fund will be able to co-invest alongside its existing regional funds, BREP Europe V and BREP Asia II.

It will target mid-teen net returns. Financial leverage will be capped at 85%, although New Mexico SIC said Blackstone was likely to keep the loan-to-value ratio below 70%.

The fund has four main investment themes and will seek to capitalise on the growth of global logistics, ‘innovation cities’, global leisure and travel, and shortages in rental housing.