Blackstone closes biggest-ever $20.5B real-estate fund

Blackstone
Published on: September 18, 2019
Author: Amy Liu

Blackstone (NYSE:BX) has raised the biggest-ever real-estate fund, closing at $20.5B in commitments.

That comes even as questions arise about whether it’s a tight time in the real estate cycle to seek returns.

The new fund tops Blackstone’s own record of $15.8B closed in 2015. Blackstone had previously accounted for five of the top 10 biggest real-estate funds, the WSJ notes.

The company has pursued a strategy of buying, fixing and selling commercial properties. The former head of the business, Jonathan Gray, is now president and chief operating officer and is widely seen as heir apparent to CEO Stephen Schwarzman.

Shares are down 1.3% after hours.

Source: seekingalpha.com

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