The largest fund administered by Blackstone Group, the giant investment firm known for raising capital from institutions such as pension funds and endowments, is now one that mostly targets individual investors.

Blackstone Real Estate Income Trust, a fund sold in increments as little as $2,500, has raised more than $50bn since it started five years ago. The firm has used the fund, known as BREIT, to buy rental-apartment buildings, warehouses, office buildings, casinos and other property types.