Private equity giant Blackstone Group LP is set to close its latest pan-Asia opportunistic real estate fund at roughly US$7 billion, its hard-cap target, PERE News reported, citing sources with knowledge of the fundraising.
PERE noted that Blackstone Real Estate Partners Asia II would be the largest closed-ended real estate fund raised in the Asia-Pacific region to date. The fund, which debuted less than a year earlier, surpassed its US$5 billion fundraising target in October 2017.
Among the investors in the fund are the South Dakota Investment Council, Illinois Municipal Retirement Fund and the Teachers' Retirement System of the State of Illinois.
Canadian real estate investor Ivanhoe Cambridge Inc. is also said to have invested in the fund, according to the report.
