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Laxman Pai, Opalesque Asia:

American alternative investment management company Blackstone announced the close of its largest real estate fund, Blackstone Real Estate Partners X, at $30.4 billion.

In a media release, the private equity behemoth said that the largest real estate or private equity drawdown fund ever raised. Blackstone's three opportunistic strategies (Global, Asia, Europe) now have $50 billion of capital commitments.

Fund X is 48% bigger than the asset management giant's previous real estate fund which closed in 2019.

Investors in the news fund include California State Teachers' Retirement System, West Sacramento; State of Wisconsin Investment Board, Madison; North Carolina Retirement Systems, Raleigh; Virginia Retirement System, Richmond; and Pennsylvania Public School Employees' Retirement System, Harrisburg.

Blackstone has been focusing its portfolio on logistics, rental housing, hospitality, lab office, and data centers, shifting away from assets like traditional offices and malls facing headwinds from a post-pandemic adoption of flexible work and a surge in e-commerce.

According to the release, Blackstone has delivered a 16% net IRR on over $100 billion of committed capital in the BREP global funds over more than 30 years.

Anticipating changing macro trends, Blackstone Real Estate shifted its portfolio away from assets facing headwinds such as traditional offices and malls and is approximately 80% concentrated in l......................

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