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Blackstone exits investments in Synergy Property

Blackstone has reportedly raised $14.5 billion for Real estate fund

Blackstone Group LP has gathered $14.5 billion from institutions for a global real estate fund and plans to collect an extra $1.3 billion from individuals, a person with knowledge of the matter said.

The world’s biggest alternative-asset manager raised the money in about four months, said the person, who requested anonymity because fundraising details are kept private until the fund stops accepting capital. Christine Anderson, a spokeswoman for the New York-based firm, declined to comment.

Blackstone has built the largest real estate investing business, overseeing $81 billion in assets as of Dec. 31. Its seven previous global property funds have doubled their invested capital, with annualized returns of 18 percent after fees since 1994, according to the firm’s most recent earnings statement.

Laurence Tosi, Blackstone’s chief financial officer, said last month at a conference in Aventura, Florida, that as they look into 2015, they’re very excited about their two flagship funds — one in real estate and one in private equity will be entering the market. The main competitors for them in real estate were largely the investment captive shops inside the investment banks and they’re all gone now.

The Wall Street Journal first reported Blackstone’s fundraising progress for the global vehicle on Tuesday


Source – Bloomberg

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