Blackstone Group LP closed on its most recent global real estate fund, Blackstone Real Estate Partners VII, raising $13.3 billion, the largest opportunistic real estate fund ever, the company said Wednesday.
The private equity firm raised the funding over the past 13 months from more than 250 investors globally. U.S. public pension plans, were the largest category of investors, Blackstone said.
An opportunistic real estate fund makes higher-yield investments in exchange for taking on more risk.
Blackstone has committed or invested about 35 percent of the fund's capital in a wide variety of asset classes and geographies.
Blackstone's real estate unit managed more than $50 billion in equity as of the end of the third quarter.
(Reporting By Ilaina Jonas; Editing by Gerald E. McCormick)