Blackstone raised a record $26.5bn (€24.5bn) for real estate last year.

The investment manager said it had $93.9bn of assets under management at the end of 2015.

Total assets under management for the firm’s core plus strategy reached $11bn, two years after launching the business. 

Blackstone said that over the past two years, real estate has returned over $40bn of capital to investors.

The firm invested $21.5bn in 2015, also a record.

Appreciation in opportunistic and core-plus funds rose 9.7% and 19.1% for the year, respectively.

Blackstone said the final quarter of last year saw it raise $1.3bn in an initial closing of its third mezzanine debt fund, as well as $2.4bn for core-plus funds.

Blackstone’s Real Estate Partners arm recently invested $2bn in the US multifamily sector. 

At the time, the investment manager’s eighth fund bought a 32-asset portfolio from Greystar Real Estate’s Equity Partners VII vehicle. 

Greystar will continue to manage the 10,399-unit portfolio, which includes mid-rise, high-rise and garden-style apartment buildings in Seattle, San Francisco, Los Angeles, South Florida, New York and Boston. 

Late last year, the firm bought US medical REIT BioMed Realty Trust in an $8bn deal. The company said has now closed the deal, which was carried out for its Real Estate Partners VIII fund.

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