The real estate investment arm of global buyout giant Blackstone has promoted Tuhin Parikh and Tyler Henritze to senior managing directors, increasing its number of real estate partners to 18.
Parikh joined Blackstone in 2007 and oversees property investments in India, a country in which the firm has been particularly active in recent years.
Henritze joined in 2004 and has been involved on deals including Blackstone’s acquisitions of Equity Office Properties Trust, Extended Stay and the recent purchase of the Motel 6 budget chain.
Both Henritze and Parikh previously served as managing directors at Blackstone.
Blackstone is now the world’s largest private real estate firm, with $53.5bn of property assets under management.
Real estate has become the firm’s most profitable asset class, accounting for almost half of profits in the third quarter despite accounting for just a quarter of its total assets.
In September the New York-based firm closed the largest real estate private equity fund in history by collecting $13.3bn of commitments in just 13 months.
LPs included China’s currency-reserve manager SAFE, which made a $500m commitment through the country’s $3.2tn foreign exchange reserve.
About 35 per cent of the fund’s capital has already been called, a recent report confirmed.
Blackstone is also reportedly looking to raise a new real estate fund focused on Asia, the firm’s president told a financial services conference in New York earlier this month.
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