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A total of 47 new investment funds were launched during first quarter 2023, on par with the totals for first quarter 2022. The new investment funds are seeking to raise an aggregate of approximately $45.5 billion.
Blackstone’s Blackstone Real Estate Partners Europe VII was the largest fund launched in first quarter 2023. Blackstone’s dedicated Europe opportunistic real estate fund series is seeking to raise approximately $11 billion and seeks to acquire under-managed, well-located assets across Europe. BREP VII is expected to have a first close in the second half of 2023.
The second-largest fund to launch in first quarter 2023 was Lone Star Funds’ Lone Star Real Estate Fund VII. Lone Star Funds has set a $6 billion capital raising target for its latest global real estate fund. The fund is expected to target debt and equity investments. The majority of the portfolio could include transactions in Europe, North America and Japan. Fund VII could also invest up to 15