Blackstone has launched its first European open-ended, core-plus fund, Blackstone Property Partners Europe, and has begun raising capital, according to a document from an investor. The firm did not comment on its fundraising efforts.
This is Blackstone’s debut core-plus European-focused property vehicle. The firm’s first core-plus vehicle, Blackstone Property Partners, is a U.S.-focused open-ended real estate fund that launched three years ago.
The fund received its first commitment of €100 million ($118 million) from the $38.6 billion Illinois Municipal Retirement Fund. IMRF has an existing relationship with Blackstone, with $550 million committed in total.
Earlier this summer, Blackstone received approximately €7.8 billion ($9.2 billion) from investors for its largest-ever dedicated European real estate fund, Blackstone Real Estate Partners Europe V.
Blackstone
