Blackstone Group LP is close to raising $20 billion for its latest global opportunistic real estate fund, making it the largest-ever property fund, The Wall Street Journal reported.
The private equity giant expects to close the Blackstone Real Estate Partners IX LP fund in the first quarter for all but some of its smaller retail investors, the publication added, citing people with knowledge of the matter.
The projected fundraising is expected to beat out the Blackstone Real Estate Partners VIII fund, which attracted $15.8 billion in 2015, and bring the private equity firm's actual buying power to about $60 billion.
The fund has attracted interest from U.S. and foreign pension funds, foreign governments and wealthy individuals. Citing data firm Preqin, the Journal reported that Blackstone Real Estate Partners IX is set to be more than twice as large as any fund ever raised by a competitor.
The fund will reportedly target distribution centers near population centers and moderately priced rental housing, among other assets.