Blackstone Group told investors it had raised $4 billion for its latest real estate fund, Blackstone Real Estate Partners VII, four months after kicking off fundraising.
In a letter to investors on Tuesday, Blackstone said it closed on the first round of the fund's commitments, according to a person with direct knowledge of the letter who asked not to be named because the communication was private. Blackstone said last month it's aiming to raise about $10 billion for the pool.
Peter Rose, a spokesman for Blackstone, declined to comment.
Blackstone Chairman Stephen Schwarzman told investors on a conference call in July that the firm had invested or committed $4.4 billion to real estate deals during the first six months, exploiting relatively low prices and a sluggish global economy.