Blackstone begins raising capital for next vintage of its European strategy

Blackstone has commenced fundraising for the next vintage of its European strategy, with a first close expected this summer.

The global alternative asset manager revealed during a Q1 2023 earnings call that the vehicle will target a similar amount as the previous fund in the series, which raised €9.5 billion ($10.5 billion) of third-party capital.

The predecessor fund is believed to be Blackstone Real Estate Partners Europe VI (BREP Europe VI), which closed in 2020 as the largest-ever dedicated European real estate fund. The opportunistic fund invests in office, hotel, logistics, multifamily and single-family assets in France, Germany, Italy, the Netherlands, Spain and the United Kingdom.

“In real estate, the BREP opportunistic funds were largely stable in the quarter, while the core-plus funds depreciated 1.6 percent,” said Michael Chae, CFO a