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2 Apr 2008

Blackstone Creates Fund Worth Over 10 Billion

Hedge fund Blackstone Group L.P. announced the closing of Blackstone Real Estate Partners VI (BREP VI) with capital commitments totaling $10.9 billion, creating the largest real estate opportunity fund ever raised.

The new fund has more then 60 investment and asset management professionals with broad experience across most real estate categories, including hotels, office, residential, retail, and other commercial properties.

The hedge fund firm has raised a total of nine real estate funds since inception, both funds for global investing and funds with a specific focus on Western Europe, with total capital commitments of $25.7 billion

Jonathan Gray, Senior Managing Director and New York-based co-head of Blackstone's real estate group, said, "We are delighted to have this vote of confidence from our investors. We believe there should be attractive investment opportunities for this capital given the market dislocation that exists today." Chad Pike, Senior Managing Director and London-based co-head of Blackstone's real estate group added, "With this fund we will be able to enter new markets and expand Blackstone's global investment activities."

The Blackstone Group L.P. is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, mezzanine funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds.

In the past several years Blackstone has completed a number of major transactions including Equity Office Properties, Hilton Hotels, CarrAmerica, Wyndham Hotels, Trizec Properties and Southern Cross / NHP. The group has completed more then 225 separate investments in North America and Europe with a total transaction value of approximately $132 billion since 1992. Most recently the group opened offices in Tokyo, Mumbai and Hong Kong to expand Blackstone's real estate business in Asia.

1 comment:

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