Blackstone Group is nearing its $20 billion target for its largest real estate fund ever — as well as the industry’s largest fund ever — Blackstone Real Estate Partners IX, according to Bloomberg, citing people familiar with the matter.
Blackstone plans to close the fund in the first quarter of this 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.
Institutional Real Estate Americas reported the launch in its January issue. And the fund has secured a number of recent commitments to take it toward that goal. Investors include the Minnesota State Board of Investment, Illinois Municipal Retirement Fund, Teachers’ Retirement System of Louisiana, and New Mexico State Investment Council.
