Real estate fundraising in the second quarter totalled US$53.2 billion, according to the latest results from Institutional Real Estate, Inc’s IREI.Q database — a dramatic bounce back from the US$20.2 billion that was raised by funds that held a final close in the first quarter of 2023, with much of the credit for the reversal due to a single, massive fund.

Blackstone Real Estate Partners X, the 10th fund in Blackstone’s opportunistic real estate fund series, held its final close with a total haul of US$30.4 billion — the largest closed-end real estate private equity fund ever. The investment manager shattered its own record, which was established in 2019 when it raised US$20.5 billion for Blackstone Real Estate Partners IX. In line with recent performances by the various property types and current investment trends, BREP X will target logistics, rental housing, lab offices and data centre properties, as it shuns many office and retail assets.

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