The private equity juggernaut Blackstone Inc. announced on Tuesday that it has raised $30.4 billion for its newest global real estate fund as it seeks to expand in the sector.
Blackstone Real Estate Partners X is a 48% larger real estate fund than the company’s last one, which closed in 2019.
Blackstone has shifted away from assets like traditional offices and malls, which are struggling with the post-pandemic adoption of flexible work and the explosion in e-commerce. Instead, Blackstone has been concentrating its portfolio on logistics, rental housing, hospitality, lab office, and data centers.
As we observe the splitting of performance within real estate, sector selection has never been more important, according to a statement from Ken Caplan, global co-head of Blackstone Real Estate.
Shares of Blackstone went up by about 1% in premarket trading.
