Blackstone Group LP (BX), the world’s largest alternative-asset manager, will increase the size of its latest European real estate fund by about $2 billion, seven months after completing the fundraising.
The company has secured additional commitments from investors to bring the pool to 6.6 billion euros ($8.4 billion), up from the 5.1 billion euros it amassed in March, Tony James, president and chief operating officer of Blackstone, said on a conference call with reporters today.
“Given demand from our limited partners, we are taking the unusual step of reopening and expanding this fund by $2 billion,” James said. “There’s plenty of demand from existing investors to take all of the increment. I don’t anticipate it extending the investment period or materially changing.”
Blackstone’s pool, which will invest in real estate assets in the U.K. and continental Europe, was already the largest pool ever raised dedicated to buying assets in the region, according to the New York-based company’s website. The firm has already spent about two-thirds of the fund, James said today.