Blackstone Closes $20.5B Real Estate Fund

Blackstone’s headquarters in Midtown Manhattan

NEW YORK—Blackstone announced the final close of its latest global real estate fund, Blackstone Real Estate Partners IX, with $20.5 billion of total capital commitments. It is the largest real estate fund ever raised, according to the firm. The closing solidifies Blackstone’s reputation as a prolific fundraiser for commercial real estate assets. The previous record for a top CRE fund was $15.8 billion, which Blackstone closed in 2015, according to Preqin.

One reason for investors’ eagerness to partner with Blackstone is the strong results the BREP funds have generated, says Global Co-Head of Blackstone Real Estate Kathleen McCarthy in prepared remarks. “Despite the challenging investment environment, we continue to see compelling opportunities around our highest conviction investment themes. BREP IX’s scale allows us to commit capital globally in a differentiated set of complex transactions,” Ken Caplan, global co-head of Blackstone Real Estate, says in prepared remarks.