Private equity giant the Blackstone Group has closed the largest real estate opportunity fund ever, GlobeSt.com reported. The Blackstone Real Estate Partners VII fund closed at $13.3 billion; The company launched the fund in 2010 with a plan to raise just $10 billion. Blackstone’s Jonathan Gray, global head of the private equity giant’s real estate business, will now set his team to work deploying the funds.
“We believe the current environment provides a highly attractive opportunity to generate favorable returns for [our investors,]” Gray said.
According to GlobeSt.com, more than 250 investors have paid into the fund, including China’s State Administration of Foreign Exchange and GE Capital Real Estate. U.S. public pension funds have committed the largest amount of money to the fund of all investor categories. [GlobeSt.com] – Katherine Clarke