Private equity giant Blackstone Group LP closed on more than $5 billion in the first funding round of its second opportunistic fund focused on the Asian real estate market, PERE News reported.

The Blackstone Real Estate Partners Asia II fund debuted four months ago, with a $5 billion fundraising target and a $7 billion hard cap. The fund will have an investment period of six years.

The capital raised came from the South Dakota Investment Council, Illinois Municipal Retirement Fund, Teachers' Retirement System of the State of Illinois and the Texas Permanent School Fund, among other investors.

Blackstone, which did not comment on the fundraising, also committed $50 million to the fund, according to the report.