Blackstone closes latest real estate fund at record $13.3 bln

By Ilaina Jonas

Oct 10 (Reuters) - Blackstone Group LP closed on itsmost recent global real estate fund, Blackstone Real EstatePartners VII, raising $13.3 billion, the largest opportunisticreal estate fund ever, the company said Wednesday.

The private equity firm raised the funding over the past 13months from more than 250 investors globally. U.S. publicpension plans, were the largest category of investors,Blackstone said.

An opportunistic real estate fund makes higher-yieldinvestments in exchange for taking on more risk.

Blackstone has committed or invested about 35 percent of thefund's capital in a wide variety of asset classes andgeographies.

Blackstone's real estate unit managed more than $50 billionin equity as of the end of the third quarter.

(Reporting By Ilaina Jonas; Editing by Gerald E. McCormick)

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