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Big funds make splash in 2013

by Larry Gray

In 2013, no one came within shouting distance of The Blackstone Group’s record-setting $13.3 billion of equity capital raised for its Blackstone Real Estate Partners VII fund, which closed in 2012 and remains the largest property fund ever raised. However, there were a number of substantial fund closings during the course of the year.

A total of 16 private equity real estate funds enjoyed billion dollar-plus fund raises during 2013, led by Lone Star Funds’ Lone Star Real Estate Fund III, which topped out at $6.6 billion, according to data tracked by Institutional Real Estate FundTracker. In 2012, only nine real estate funds recorded closings of more than $1 billion.

Rounding out the top five largest funds of 2013 were Brookfield Asset Management’s Brookfield Strategic

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