Blackstone has announced the final close of its latest global real estate fund, Blackstone Real Estate Partners X (“BREP X”). BREP X has $30.4 billion of total capital commitments — the largest real estate or private equity drawdown fund ever raised. In total, Blackstone’s three opportunistic strategies (Global, Asia, Europe) now have $50 billion of capital commitments.
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 macrotrends, Blackstone Real Estate shifted its portfolio away from assets facing headwinds such as traditional office and malls and is approximately 80% concentrated in logistics, rental housing, hospitality, lab office and data centers. BREP X’s scale and discretionary capital positions it well to capitalize on opportunities in its highest conviction sectors across the globe.
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said:
“In every market cycle we have delivered for our customers by using our insights and advantages to concentrate their capital in investments poised to deliver strong returns. This record-setting fundraise reflects the trust we have built with our limited partners, and we are grateful for their continued confidence as we enter a compelling investment environment.”
Ken Caplan, Global Co-Head of Blackstone Real Estate, said:
“We believe the current market is tailor-made for Blackstone Real Estate. We have made some of our best investments in periods characterized by the market volatility and dislocation we see today. Furthermore, sector selection has never been more critical as we witness the bifurcation of performance within real estate, which is favoring our high-conviction themes.”
Clarion Events, the organiser of Multimodal, is owned by funds advised and managed by Blackstone
