Blackstone Raises $3.5B For Asian Real Estate Fund

Global private equity firm The Blackstone Group has raised over US$3.53 billion for its first Asian real estate fund, according to a securities filing submitted to the U.S. Securities and Exchange Commission on May 30.

The fund, named Blackstone Real Estate Partners Asia L.P., was launched in April 2013. With just over a year on the road, the fund is nearing its final fundraising target of US$4 billion.

The limited partners (LPs) of the fund include the Teachers Retirement System of Texas, which committed US$100 million, and the New Jersey Division of Investment, which committed US$500 million to the vehicle.

The fund is to invest in Asian real estate projects with an opportunistic strategy.

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