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Blackstone closes latest real estate fund

Blackstone has closed its latest global real estate fund, Blackstone Real Estate Partners X, with $30.4 billion of capital commitments — the largest real estate or private equity drawdown fund ever raised. 

The private equity giant’s three opportunistic real estate strategies – Global, Asia, Europe – now have $50 billion of capital commitments.

Blackstone – the world’s largest alternative investment firm with $951 billion AUM – has delivered a 16% net IRR on over $100 billion of committed capital in the BREP global funds over more than 30 years.

As macro trends evolve, Blackstone Real Estate shifted its portfolio away from assets facing headwinds such as traditional office and malls. It is now around 80% concentrated in logistics, rental housing, hospitality, lab office and data centres. Blackstone Real Estate Partners X – which is 48% bigger than the asset management giant’s previous real estate fund, which closed in 2019 – is positioned to capitalise on high conviction opportunities thanks to its scale and discretionary capital. 

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