Fundraising - JANUARY 6, 2014

Blackstone Group surpasses $5b in fundraising

by Andrea Waitrovich

The Blackstone Group has raised $5.5 billion for its European fund, according to a filing with the SEC. Blackstone Real Estate Partners Europe IV launched in May 2013 with a €5 billion ($6.8 billion) fundraising goal. The fund had a €2.67 billion ($3.7 billion) close in November and has an anticipated close date of March 2014.

The fund will invest in a wide variety of property types throughout Europe. It will purchase high-quality distressed properties to turn over as core properties once they have been stabilized. A recent investor is the $49.4 billion Pennsylvania Public School Employees Retirement System.

Blackstone is also marketing its first fund that focuses exclusively on Asia Pacific investment, Blackstone Real Estate Partners Asia, which has raised $3 billion. The fund launched in April with a $4.0 billion fundraising goal, which it should easily reach by the initial target close date of December 2014. The opportunistic fund will invest primarily in China, India, Australia and Japan and will invest across property types.

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