Blackstone closes on $20b for largest real estate fund ever raised

Blackstone Real Estate has completed a final close of Blackstone Real Estate Partners IX (BREP IX) with $20.5 billion in capital, the largest real estate fund ever raised.

“Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes,” said Ken Caplan, global co-head of Blackstone. “BREP IX’s scale allows us to commit capital globally in a differentiated set of complex transactions.”

Blackstone owns and operates assets across every major geography and sector in countries such as North America, Europe, Asia and Latin America. Assets include logistics, multifamily and single-family housing, office, hospitality and retail. Its opportunistic funds seek to acquire undermanaged, well-located assets across the world.

In June, the fund bought Singapore-based GLP’s 179 million square feet of U.S. urban logistics assets for $18.7 billion, in what was said to be the largest private r