Well, somebody sees some opportunity to invest in commercial real estate. Blackstone's raised a whopping $10.9 billion to invest--it's biggest fund yet.
Blackstone said it had raised a total of nine real estate funds with total capital commitments of $25.7 billion. The fund it just closed is called Blackstone Real Estate Partners VI.
Previous real estate investments Blackstone has made include Equity Office Properties (EOP) and Hilton Hotels Corp.
"Between raising or investing, raising is by far the more difficult task," said Michael Holland, chairman of private investment firm Holland & Co and a former partner at Blackstone. He said investors in the fund would have been attracted to Blackstone's track record. "They would be taking into account huge sales they've made -- such as EOP. Those look right now to be reasonably brilliant."