Blackstone Group has completed raising $17.3 billion of a targeted $20 billion on behalf of its latest opportunistic real estate fund, Blackstone Real Estate Partners IX, according to Jonathan Gray, the company’s president and chief operating officer, who spoke on a conference call with analysts last week.
Gray said, “This comprises the institutional fundraise for this oversubscribed vehicle, and we expect to hit the $20 billion cap with retail investor closings over the balance of the year.”
The fund’s strategy will be similar to the firm’s prior real estate fund, which gathered $15.8 billion in 2015 and focused on distressed properties globally.
Along with nearly $10 billion for each of its opportunistic European real estate and its private equity secondaries funds, Blackstone expects to exceed $60 billion from these four flagship funds collectively, largely by the end of the year. This compares to $50 billion raised in their prior vintage and demand
