Private equity firm, Blackstone Group LP ended its current global real estate fund, Blackstone Real Estate Partners VII, raising $13.3 billion, Wednesday.
According to Reuters, the private firm said this is the largest opportunistic real estate fund ever.
The group has been raising the funds for a little over a year, 13 months to be exact, with more than 250 global investors participating.
GlobeSt.com reported that the company launched the fund in 2010, planning to raise only $10 billion.
Jonathan Gray, global head of the private group's real estate, will now order his team to work on deploying the funds.
"We believe the current environment provides a highly attractive opportunity to generate favorable returns for [our investors,]" Gray said, according to GlobeSt.com.
According to Reuters, Blackstone said the U.S. public pension plans were the largest category of investors in the funds.
Funds are more likely to make higher-yields in investments for taking more risks than they are supposed to, and the private group devoted about 35 percent of the funds capital in a wide variety of asset classes and geographies.
Blackstone's real estate department manages more than $50 billion assets under management. The firm works around the world with clients from the U.S., Europe, Asia and Latin America, to find quality, income-producing assets discounted to replacement costs.
