Blackstone holds final close of latest global real estate fund at record USD20.5bn
Blackstone has held the final close of its latest global real estate fund, Blackstone Real Estate Partners IX (BREP IX), with USD20.5 billion of total capital commitments – the largest real estate fund ever raised.
Blackstone is also currently investing two regional opportunistic funds, the EUR7.9 billion BREP Europe V and the USD7.2 billion BREP Asia II.
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, says, “This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991. We are grateful to our investors for their ongoing support and look forward to putting this capital to work on their behalf.”
Ken Caplan, Global Co-Head of Blackstone Real Estate, sadds: “Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes. BREP IX’s scale allows us to commit capital globally in a differentiated set of complex transactions.”
In June, BREP IX committed to its initial investment, the purchase of GLP’s US Logistics Assets for a total of USD19 billion, alongside other Blackstone vehicles. This acquisition is expected to close in the coming weeks.