Blackstone Inc. BX rose 1.7% Tuesday as financial stocks advanced after it said it drew in $30.4 billion in commitments for Blackstone Real Estate Partners X (BREP X), which it described as the largest real estate and private equity drawdown fund ever raised. “Anticipating changing macrotrends, Blackstone Real Estate shifted its portfolio away from assets facing headwinds such as traditional office and malls and is approximately 80% concentrated in logistics, rental housing, hospitality, lab office and data centers,” the firm said. “BREP X’s scale and discretionary capital positions it well to capitalize on opportunities in its highest conviction sectors across the globe.” The strategy is headed up by Kathleen McCarthy and Ken Caplan, global co-head of Blackstone Real Estate.
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