Blackstone extends final close for debt fund
The Blackstone Group has raised $2 billion for its Blackstone Real Estate Debt Strategies II (BREDS II). Blackstone declined to comment on fundraising activities.
The fund initially targeted a May 30 final close, but has extended the final close date to sometime this summer. A close was held at the end of May, with $2 billion committed from investors, which are largely institutional.
BREDS II launched in October 2012 as part of the Blackstone Real Estate Debt Strategies platform. With a $3 billion fundraising target, it is one of the largest debt funds in the market. BREDS II will invest primarily in mezzanine debt, with a focus on high-yielding commercial lending. Investments will be made in North America and in Europe.
Recent investors include the $30 billion Illinois Municipal Retirement Fund, which