Blackstone raises $17.3bn

The New York-based asset manager holds institutional close for latest global opportunistic real estate fund.

Blackstone has announced a $17.3 billion institutional close on its latest global opportunistic real estate fund, Blackstone Real Estate Partners IX. Retail investors are expected to account for $2.7 billion in commitments, which would take BREP IX to its $20 billion cap.

Blackstone sees continued strength in office properties with tech firm tenants, US rental housing, global logistics assets and India’s real estate market.

Institutional investors in BREP IX include the Minnesota State Board of Investment, the Teacher Retirement System of Texas, Virginia Retirement System, and Oregon State Treasury.

The fund’s predecessor, Blackstone Real Estate Partners VIII, closed at $16.4 billion in September 2015.