Blackstone raises $3.67b for fourth European fund

The Blackstone Group has raised approximately $3.67 billion for Blackstone Real Estate Partners Europe IV, according to a filing with the SEC. The opportunistic fund opened for fundraising in May 2013 with a $4 billion goal. The firm aims to hold a final close in March 2015. BREP IV is targeting European investment, and much of its investment activity will be in France, Germany and the United Kingdom in CBD office, hotel industrial, logistics, multifamily and retail sectors.

A recent investor is the Texas Permanent School Fund, which approved a $75 million commitment to the fund at its Nov. 19–22 meeting.