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Blackstone raises $3.7b for debt fund

by Zoë Wolff

The Blackstone Group has raised $3.7 billion for Blackstone Real Estate Debt Strategies III, according to a filing with the SEC.

The fund, which launched in October 2015, is seeking to raise $4 billion and will invest in mezzanine debt and whole loans. The fund held a first close of $2.05 billion earlier this year and has received commitments from the New Jersey Division of Investment, the Pennsylvania Public School Employees’ Retirement System, the Illinois Municipal Retirement Fund and the Dallas/Fort Worth International Airport Board.

Blackstone Real Estate Debt Strategies II, the fund’s predecessor, held a

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