CoStar News
Summary: Blackstone has closed its latest real estate debt fund, Blackstone Real Estate Debt Strategies V, with $8 billion in total capital commitments, making it one of the largest private commercial property lending sources globally. The fund has attracted significant investments, including $1.5 billion from the California Public Employees’ Retirement System (CalPERS), which saw a nearly 5% increase in value. Despite the challenging fundraising environment due to high interest rates, commercial real estate lending has performed well, with major private equity firms seeing a rebound in capital raises. Blackstone’s debt strategies primarily focus on commercial property mezzanine loans and debt securities. The firm now manages $77 billion in assets within its real estate debt funds.