Blackstone Group Inc.'s latest European opportunistic real estate fund is expected to raise €9.5 billion, IPE Real Assets reported, citing one of the firm's senior managing directors.

Alexandra Hill disclosed the information at a New Mexico State Investment Council board meeting, during which the sovereign wealth fund approved a $75 million commitment to the fund, according to the report.

Blackstone Real Estate Partners Europe VI was initially reported to be targeting €8 billion.

New Mexico SIC, whose commitment is its first to an exclusively Europe-focused Blackstone fund, said the European fund series generated strong performance, citing a 17% net internal rate of return for Blackstone Real Estate Partners Europe IV and a similar performance for its successor.

Blackstone is targeting a net IRR of 15% for fund VI, the report said, citing a source close to the matter.

The opportunistic fund will invest in logistics, office, hospitality and residential properties in Germany, U.K., France, Spain, Italy, the Nordics and the Netherlands, the publication reported.