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Blackstone Targets $5 Billion for Latest Real Estate Debt Fund

  • New fund secures a commitment from Illinois municipal pension
  • Firm’s predecessor pool exceeded its $4 billion goal in 2016
Pedestrians pass in front of Blackstone Group LP headquarters in New York.

Pedestrians pass in front of Blackstone Group LP headquarters in New York.

Photographer: Victor J. Blue/Bloomberg

Blackstone Group LP is seeking $5 billion for its latest fund that invests in real estate debt, according to a person familiar with the matter.

The vehicle, Blackstone Real Estate Debt Strategies IV, will focus on property-related wagers in public and private debt globally, according to an investor presentation seen by Bloomberg. The pool will have an emphasis on the U.S.