Blackstone draws over $24 bln commitments for latest real estate fund

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange April 4, 2016. REUTERS/Brendan McDermid/File Photohas secured commitments worth $24.1 billion for its latest real estate fund, according to a regulatory filing on Wednesday.

The size of the new fund, called Blackstone Real Estate Partners X, could go up to $30.3 billion when it is finalized, the Wall Street Journal reported, citing people familiar with the matter. The New York-based private-equity behemoth has been ramping up its bets on companies in the real estate space. In April, Blackstone agreed to buy real estate investment trust PS Business Parksand multifamily housing REIT Preferred Apartment Communities .

Even as recession fears have hit the brakes on global dealmaking, buyout funds have been somewhat of a bright spot. Such funds have generated transactions worth $674 billion in the first half of the year, according to data from Dealogic.At $30.3 billion, the new fund would be 48% bigger than Blackstone Real Estate Partners IX, which closed in 2019.

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