Blackstone announced Tuesday that it had successfully closed its latest global real estate fund, Blackstone Real Estate Partners X (BREP X), at $30.4 billion – the largest drawdown fund ever raised for either real estate or private equity. With capital commitments from three opportunistic strategies (Global, Asia, Europe) totaling $50 billion, is well-positioned to capitalize on opportunities in its highest conviction sectors around the world.
Kathleen McCarthy and Ken Caplan – Global Co-Heads of Blackstone Real Estate – expressed gratitude for the trust their limited partners have placed in them and noted that they are entering a compelling investment environment as a result of this record-setting fundraiser. They further commented on how current market conditions favor high conviction themes due to bifurcation within real estate performance and volatility/dislocation creating attractive opportunities for investors.
In anticipation of changing macro trends, BREP X has shifted its portfolio away from assets facing headwinds such as traditional office spaces and malls towards logistics centers, rental housing units, hospitality venues, lab offices, and data centers; comprising approximately 80% of their total investments.
