<!-- Swiftype Variables -->

ALTERNATIVES

Blackstone closes fifth Europe real estate fund at €7.8 billion

Blackstone Group announced Thursday it has closed the €7.8 billion ($8.7 billion) Blackstone Real Estate Partners Europe V, an opportunistic real estate fund that focuses on large, complex property-related transactions in Europe, including transitional city center office assets.

The closing significantly exceeds Blackstone's previously largest dedicated European property fund, Blackstone Real Estate Partners Europe IV, which closed in 2014 at €5.1 billion.

Investors include the Florida State Board of Administration, Tallahassee, which oversees a total of $189.4 billion in assets including the $151 billion Florida Retirement System; the $139.7 billion Texas Teacher Retirement System, Austin; the $31.5 billion Connecticut Retirement Plans & Trust Funds, Hartford; and the $24 billion Texas County & District Retirement System, Austin.