Blackstone Seeking to Raise $4 Billion for Real Estate Debt FundBy
New fund will originate and structure mezzanine debt
Fundraising for private real estate debt hit record last year
Blackstone Group LP is seeking to raise $4 billion from investors for its latest real estate mezzanine debt fund, according to documents from an investor in the vehicle.
Blackstone Real Estate Debt Strategies III LP will originate and structure mezzanine debt linked to institutional-grade real estate in North America and Europe, according to a report to the Commonwealth of Pennsylvania Public School Employees’ Retirement System from the pension system’s senior portfolio manager for real estate, William Stalter, at its Dec. 7 board meeting. The pension board at that meeting committed as much as $100 million to the fund, according to its website…
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