Blackstone raises $5bn

 The New York-based firm held a first close after four months.

Blackstone has raised $5 billion to date for its Blackstone Real Estate Partners Asia II, reaching the fund’s target.
The fund has a $7 billion hard-cap. Investors of the fund include Illinois Municipal Retirement Fund, Minnesota State Board of Investment, Teachers’ Retirement System of the State of Illinois and Texas Permanent School Fund.

The firm will use the capital to invest through opportunistic strategy in a diverse number of sectors in Asia-Pacific.