Blackstone Group has amassed a $15.8-billion fund to make global real estate investments. About 90 percent of the investment pool comes from institutions and took four months to raise, while the remainder is from private investors.
The Blackstone real estate fund is its eighth to focus on global properties, and 20 percent of it has already been committed to deals.
Last month Blackstone agreed to buy Strategic Hotels & Resorts, which owns Essex House, in New York City, and Ritz-Carlton Half Moon Bay, which is just south of San Francisco, for $3.9 billion. In the spring it purchased several of General Electric’s real estate assets for $14 billion.