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Blackstone closes largest-ever real estate fund at $20.5bn

Mammoth fund comes even as high returns have gotten tougher late in this real estate cycle

Blackstone Group has finished raising the largest commercial real estate fund ever, with $20.5bn of commitments despite an increasingly tough commercial property market.

The giant investment firm, which had $153.6bn in real estate assets under management at the end of the second quarter, has been the world’s leading real estate fundraiser.

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