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Blackstone closes latest global property fund at record $20.5B

Blackstone Group Inc. received $20.5 billion in total capital commitments for its latest global real estate investment vehicle at final close, marking the private equity giant's largest property fund to date.

The Blackstone Real Estate Partners IX fund, alongside the firm's other vehicles, made its first investment in June through the pending acquisition of GLP Pte Ltd.'s U.S. logistics portfolio. That deal is scheduled to close in the coming weeks.

Blackstone is also in the process of investing a pair of regional opportunistic vehicles: the €7.9 billion Blackstone Real Estate Partners Europe V LP and the $7.2 billion Blackstone Real Estate Partners Asia II LP.