Blackstone Closes Latest Real Estate Fund With $30.4B in Commitments
Its portfolio is 80% concentrated in logistics, rental housing, hospitality, lab office and data centers.
Blackstone has closed its latest global real estate fund, Blackstone Real Estate Partners X, with $30.4 billion of total capital commitments — the largest real estate or private equity drawdown fund ever raised, according to the private equity giant. In total, Blackstone’s three opportunistic strategies of Global, Asia, Europe now have $50 billion of capital commitments.
In response to change macrotrends, Blackstone Real Estate has shifted its portfolio away from assets facing headwinds such as traditional office and malls and is approximately 80% concentrated in logistics, rental housing, hospitality, lab office and data centers.
“We believe the current market is tailor-made for Blackstone Real Estate,” Ken Caplan, Global Co-Head of Blackstone Real Estate said in prepared comments. “We have made some of our best investments in periods characterized by the market volatility and dislocation we see today. Furthermore, sector selection has never been more critical as we witness the bifurcation of performance within real estate, which is favoring our high-conviction themes.”