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The Big Take

Blackstone’s $70 Billion Real Estate Fund for Retail Investors Is Losing Steam

A retail boom that supercharged private equity and real estate is slowing, challenging one of the firm’s most ambitious efforts. 

The Bellagio Hotel and Casino in Las Vegas 

The Bellagio Hotel and Casino in Las Vegas 

Photographer: Roger Kisby/Bloomberg
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In just over five years, a Blackstone Inc. real estate fund for small investors has turned into a $70 billion force in the US economy.  

It has swallowed up apartments, suburban homes, dorms, data centers, hotels and shopping centers. It owns Las Vegas’s lavish Bellagio hotel and casino; a 76-story New York skyscraper designed by Frank Gehry; and a sprawling Florida complex for interns working at the Walt Disney World Resort.