Blackstone closed its most recent real estate debt fund, Blackstone Real Estate Debt Strategies V, at about $8 billion, according to a news release.
“We are extraordinarily appreciative of our investors for allocating this amount of capital during this period of market dislocation,” said Tim Johnson, global head of Blackstone real estate debt strategies, in the news release.
The fund will invest globally in strategies including global scale lending, liquid securities, structured solutions to financial institutions and corporate credit, according to the release.
Investors in the fund include the $533.4 billion California Public Employees' Retirement System, Sacramento, which committed $1.5 billion to Blackstone Real Estate Debt Strategies V-C in 2023, and the $19.5 billion Ohio School Employees Retirement System, Columbus, which committed $50 million last year.
Blackstone’s predecessor fund, Blackstone Real Estate Debt Strategies IV, also had a final close of $8 billion in 2020 and at that time marked the largest real estate credit fund raised by the firm.
Blackstone’s real estate business has $315 billion of investor capital under management, and its real estate debt strategies have $77 billion in assets under management, according to the release.
