Buyout giant Blackstone Inc (BX.N) has 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 Parks (PSB.N) for $7.6 billion including debt.
The company has also struck multi-billion dollar deals for student housing REIT American Campus Communities Inc (ACC.N) and 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.
Blackstone will invest $300 million of its own capital in the latest fund, the Journal reported.
At $30.3 billion, the new fund would be 48% bigger than Blackstone Real Estate Partners IX, which closed in 2019.