Blackstone Announces $30.4 Billion Final Close for Largest Real Estate Drawdown Fund Ever
April 11 2023 - 8:00AM
Business Wire
Blackstone (NYSE: BX) today announced the final close of its
latest global real estate fund, Blackstone Real Estate Partners X
(“BREP X”). BREP X has $30.4 billion of total capital commitments —
the largest real estate or private equity drawdown fund ever
raised. In total, Blackstone’s three opportunistic strategies
(Global, Asia, Europe) now have $50 billion of capital
commitments.
Blackstone has delivered a 16% net IRR on over $100 billion of
committed capital in the BREP global funds over more than 30
years.1 Anticipating changing macrotrends, Blackstone Real Estate
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. BREP X’s scale and discretionary capital positions it well
to capitalize on opportunities in its highest conviction sectors
across the globe.
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate,
said, “In every market cycle we have delivered for our customers by
using our insights and advantages to concentrate their capital in
investments poised to deliver strong returns. This record-setting
fundraise reflects the trust we have built with our limited
partners, and we are grateful for their continued confidence as we
enter a compelling investment environment.”
Ken Caplan, Global Co-Head of Blackstone Real Estate, said, “We
believe the current market is tailor-made for Blackstone Real
Estate. 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.”
About Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has US
$326 billion of investor capital under management. Blackstone is
the largest owner of commercial real estate globally, owning and
operating assets across every major geography and sector, including
logistics, residential, office, hospitality and retail. Our
opportunistic funds seek to acquire undermanaged, well-located
assets across the world. Blackstone’s Core+ business invests in
substantially stabilized real estate assets globally, through both
institutional strategies and strategies tailored for income-focused
individual investors including Blackstone Real Estate Income Trust,
Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European
yield-oriented strategy. Blackstone Real Estate also operates one
of the leading global real estate debt businesses, providing
comprehensive financing solutions across the capital structure and
risk spectrum, including management of Blackstone Mortgage Trust
(NYSE: BXMT).
1 As of December 31, 2022.
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Jeffrey Kauth 212-583-5395 Jeffrey.Kauth@Blackstone.com
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