Blackstone Nears $15B RE Fundraising Goal
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Blackstone has raised $14.5B for its eighth global property fund, according to a source familiar with the matter. The private equity firm and biggest real estate investor expects to reel in an addition $1.3B from individuals on top of the figure already delivered by institutions. At the end of last year, Blackstone's real estate group, headed by Jon Gray, oversaw $81B in assets. Its previous seven RE funds have doubled their capital investments. A Blackstone spokeswoman declined to comment on the fundraising progress.
It was reported yesterday that Blackstone was mulling $1.3B in hotel acquisitions. And the company set the bar high last month by stating a $15B fundraising goal for its latest RE vehicle. [Bloomberg]