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Laxman Pai, Opalesque Asia: Blackstone has announced the final close of its most recent real estate debt fund, Blackstone Real Estate Debt Strategies IV (BREDS IV).
One of the world's largest owners of commercial property, Blackstone said that the fund has $8 billion of total capital commitments, making it the largest real estate credit fund ever raised, according to the private equity giant.
According to Jonathan Pollack, global head of Blackstone Real Estate Debt Strategies, fundraising got a boost after Covid-19, partly because interest rates fell, increasing the appeal of relatively high-yielding real estate debt.
BREDS IV will deploy its capital across several investment strategies, including lending, liquid securities, structured solutions to financial institutions, and corporate credit.
Blackstone Real Estate Debt Strategies has $26 billion of assets under management, and Blackstone Real Estate has a total of $167 billion of investor capital under management as of the second quarter of 2020.
"The breadth and scale of our global real estate platform allow us to see a wide range of opportunities while bringing Blackstone's expertise to every investment decision. We look forward to providing creative and comprehensive financing solutions to our borrowers," Jonathan added.
Blackstone's debt funds - which have historically returned about 10% annually to investors - tend to avoid riskier debt deals. Much of its business involves making first mortga...................... To view our full article Click here
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