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Blackstone holds $13.3 billion close
The Blackstone Group has held a $13.3 billion final close for its opportunistic real estate fund, Blackstone Real Estate Partners VII (BREP VII). The fund is the largest real estate fund ever launched. The final amount exceeds its $10 billion fundraising goal. The fund is predominantly focused on opportunistic investments in the United States and Canada.
BREP VII was launched in spring 2011 and held a $4 billion first close in August 2011. U.S public pension plans were the largest category of investors. Pension plan investors include Pennsylvania Public School Employees’ Retirement System, which made a $300 million commitment to the fund in June 2011; New Jersey Division of Investment, which made a $300 million commitment in July 2011; Pennsylvania State Employees’ Retirement System, which approved a follow-on commitment of $75 million in October 2011; State of