Blackstone Building $18B Real Estate Fund
New York-based Blackstone Group LP has targeted an $18-billion capital raise for its latest real estate fund. If it hits that mark, it would be the private equity firm’s largest fund ever.
The new fund’s global distressed property acquisition strategy follows its most recent fund approach. Its prior fund amassed $15.8 billion in 2015.
The fundraising effort is likely to be met with a warm welcome by institutional investors, such as public pensions and insurance companies, who are looking to alternative investments as a guard against inflation and to expand their holdings beyond stocks and bonds.
The private equity industry captured a record $453 billion last year. Blackstone is the private equity industry’s largest real estate investor, with $119 billion of assets under management.
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