Blackstone touts the largest real estate credit fund ever raised

Blackstone announced today the final close of its Blackstone Real Estate Debt Strategies IV (BREDS IV) at $8 billion of total capital commitments.

Much of that capital flowed into the firm over the summer. At the end of the second quarter BREDS IV had raised only $2.1 billion, according to Blackstone’s quarterly update to investors. The overall real estate portfolio at the $564 billion alternative investment firm was sitting on an eye-popping $46 billion in dry powder at the end of June.

Overall, Blackstone’s Real Estate Debt Strategies total $26 billion in assets under management, while Blackstone Real Estate has a total of $167 billion of investor capital under management as of the second quarter of 2020.

BREDS IV has a flexible mandate to lend globally and is expected to deploy capital across lending, liquid securities, structured solutions to financial institutions and corporate credit.

“This fundraise reflects the significant demand for capital in the real estate debt markets and the continued confidence in our business from our limited partners,” said Jonathan Pollack, global head of Blackstone Real Estate Debt Strategies. “The breadth and scale of our global real estate platform allow us to see a wide range of opportunities while bringing Blackstone’s expertise to every investment decision.”

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