The manager graph behind U.S. private real estate capital. Which vehicles a manager swears to, what each reports year by year, what the manager says it does, and, where the evidence holds, which owner entities, properties, loans, lenders and pensions stand behind it. GAV is gross asset value on a filing date, never fund size, and every manager-to-property link carries its evidence class.

Manager

Blackstone Real Estate Special Situations Advisors L.L.C.

CRD 146043SEC 801-68749New York, NYblackstone.com$5B to $25BMulti-strategy
Form ADV on IAPD
What capital do they manage?
Real estate GAV
$17B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
23 current, 46 ever, 22 dropped2 feeders, 0 funds of funds
First on the tape
2011the extract starts in 2011; an earlier history is not visible
Latest filing
Sep 23, 2024registered adviser
Adviser RAUM
$69Bthe whole adviser, all strategies; used for the quarantine test only
Fund types on the latest filing
Hedge Fund 6, Real Estate Fund 23
Latest vintage
2024from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
stated by the manager
Strategy
Multi-strategy
Operator model
Fund managerbasis: stated
Property types
Industrial, Multifamily, Office, Life science, Retail, Data centerbasis: stated
Markets
North America, Europe, Asia, Global, Hawai'ibasis: stated
Business kind (site)
REAL_ESTATE_MANAGER
AUM in its own words
$1.3 trillion AUM (firm-wide); $314B investor capital under management in Real Estatethe manager's statement, not a DFX figure
In the manager’s own words
  • Opportunistic: “Our opportunistic business seeks to acquire undermanaged, well-located assets across the world.”
  • Core plus: “Our Core+ business features stabilized real estate with a long investment horizon and moderate leverage, where we can unlock additional value through focused asset management.”
  • Debt: “Our real estate debt business provides creative and comprehensive financing solutions across the capital structure and risk spectrum.”
  • Industrial: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Multifamily: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Office: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Life science: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Retail: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Data center: “Blackstone is the largest data center provider in the world.”
  • North America: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Europe: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Asia: “Our institutional North America, Europe and Asia Core+ strategies focus on logistics, residential, office, life science office and retail assets in global gateway cities.”
  • Global: “Our opportunistic business seeks to acquire undermanaged, well-located assets across the world.”
  • Hawai'i: “Alexander & Baldwin is an iconic 150-year-old business and the largest owner of neighborhood grocery-anchored shopping centers in the state of Hawai’i.”
Vehicles
46 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleLifecycleName saysLPs
Blackstone Real Estate Debt Strategies IV L.P.
805-8511078222
master$4.7B GAV 2024442020 to 20242020HarvestingDebt
Blackstone Real Estate Debt Strategies V L.P.
805-8849525225
master$2.2B GAV 2024422023 to 20242023DeployingDebt
Blackstone Real Estate Debt Strategies III L.P.
805-7094863041
master$1.8B GAV 2024882016 to 20242016HarvestingDebt1
Blackstone Real Estate Debt Strategies IV (lux) Scsp
805-3439399931
master$1.8B GAV 2024102020 to 20242020HarvestingDebt
Blackstone Real Estate Debt Strategies V - C L.P.
805-5570958747
fund$1.7B GAV 202422024 to 20242024UnknownDebt
Blackstone Real Estate Debt Strategies IV - C L.P.
805-2132286861
fund$1.1B GAV 202422021 to 20242021HarvestingDebt
Blackstone Real Estate Debt Strategies High-Grade L.P.
805-9887623209
fund$898M GAV 2024132017 to 20242017HarvestingDebt
Blackstone Real Estate Debt Strategies IV - Gaussian L.P.
805-4073806850
fund$867M GAV 202422021 to 20242021HarvestingDebt
Blackstone Real Estate Debt Strategies V (lux) Scsp
805-5078997379
master$515M GAV 2024302023 to 20242023DeployingDebt
Blackstone Real Estate Debt Strategies III - Gaussian L.P.
805-2866989342
fund$236M GAV 202422017 to 20242017HarvestingDebt
Blackstone Real Estate Debt Strategies III - N L.P.
805-5329312548
fund$151M GAV 202422017 to 20242017HarvestingDebt
WDC 5100 Topco LP
805-1461180959
fund$128M GAV 202422023 to 20242023Investing
WDC 4900 Topco LP
805-4310394406
fund$120M GAV 202422023 to 20242023Investing
WDC Fulton Topco LP
805-8084837343
fund$118M GAV 202422023 to 20242023Investing
Neutrino Topco LP
805-4702688577
fund$60M GAV 202442024 to 20242024Unknown
Cabin Topco LP
805-5462261761
fund$53M GAV 202442024 to 20242024Unknown
Lightbulb Topco LP
805-6155699030
fund$51M GAV 202442024 to 20242024Unknown
Truck Topco LP
805-9950447543
fund$43M GAV 202442024 to 20242024Unknown
Barrel Topco LP
805-3458787218
fund$34M GAV 202442024 to 20242024Unknown
Toast Topco LP
805-7179390352
fund$31M GAV 202422023 to 20242023Deploying
Qubit Topco LP
805-5102216488
fund$28M GAV 202422023 to 20242023Deploying
Breds - F Spv L.P.
805-5217908402
fund$17M GAV 202412023 to 20242023Investing
AI Tc Fund I LLC
805-3410019706
fund$3M GAV 202412023 to 20242023Forming
23 dropped, re-typed or historical vehicles
VehicleKindGAVOwnersReportedVintageLifecycleLifecycleName saysLPs
Blackstone Real Estate Cmbs Master Fund Ltd.
805-5731335282, dropped 2019
master$478M GAV 2018162012* to 2018unknownDropped from ADVDebt
Blackstone Real Estate Debt Strategies II - Ac L.P.
805-8117986958, dropped 2021
fund$188M GAV 202022015 to 20202015Dropped from ADVDebt
Blackstone Real Estate Special Situations Europe L.P.
805-9806805657, dropped 2016
master$186M GAV 2015262012* to 2015unknownDropped from ADVDistressed
Blackstone Commercial Real Estate Debt Fund Holdings (cayman) L.P.
805-9495547248, dropped 2018
master$36M GAV 20172232012* to 2017unknownDropped from ADVDebt
Blackstone Real Estate Special Situations Europe (isobel) Nq L.P.
805-5676016001, dropped 2019
fund$27M GAV 2018552016 to 20182016Dropped from ADVDistressed
Blackstone Real Estate Special Situations Fund II L.P.
805-3331026423, dropped 2022
master$15M GAV 2021702012* to 2021unknownDropped from ADVDistressed
Blackstone Real Estate Principal Transaction Partners L.P.
805-4887255774, dropped 2017
fund$11M GAV 201622012* to 2016unknownDropped from ADV
Blackstone Real Estate Special Situations Europe.1 L.P.
805-5892370048, dropped 2016
master$9M GAV 201552012* to 2015unknownDropped from ADVDistressed
Blackstone Real Estate Special Situations Fund Ii.1 L.P.
805-5949192461, dropped 2022
master$8M GAV 202152012* to 2021unknownDropped from ADVDistressed
Blackstone Real Estate Special Situations Europe.1 L.P.
805-9104408422, dropped 2022
master$7M GAV 202142018 to 20212018Dropped from ADVDistressed
Blackstone Real Estate Special Situations Europe L.P.
805-5528965096, dropped 2022
master$7M GAV 2021512018 to 20212018Dropped from ADVDistressed
Blackstone Real Estate Special Situations Fund Ii.2 L.P.
805-4298026306, dropped 2022
fund$5M GAV 2021352012* to 2021unknownDropped from ADVDistressed
Blackstone Real Estate Special Situations Fund L.P.
805-3603315840, dropped 2019
fund$2M GAV 201822012* to 2018unknownDropped from ADVDistressed
Blackstone Real Estate Special Situations Europe.2 LP
805-4856757575, dropped 2016
fund$1M GAV 2015282012* to 2015unknownDropped from ADVDistressed
Blackstone Real Estate Special Situations Europe.2 L.P.
805-8644127904, dropped 2022
fund$308,387 GAV 2021312018 to 20212018Dropped from ADVDistressed
Blackstone Commercial Real Estate Debt Fund (cayman) L.P.
805-1777424244, dropped 2022
feeder$115,379 GAV 20212232018 to 20212018Dropped from ADVDebt
Blackstone Real Estate Special Situations Fund - Gaussian L.P.
805-7182594948, dropped 2022
fund$0 GAV 202122012* to 2021unknownDropped from ADVDistressed
Blackstone Real Estate Debt Strategies II L.P.
805-8424216103, dropped 2024
master$0 GAV 2023962013 to 20232013Dropped from ADVDebt
Blackstone Real Estate Special Situations Principal Transaction Partners L.P.
805-7771588099, dropped 2022
feeder$0 GAV 202122017 to 20212017Dropped from ADVDistressed
Blackstone Real Estate Debt Strategies II - Gaussian L.P.
805-2784673613, dropped 2024
fund$0 GAV 202322015 to 20232015Dropped from ADVDebt
Blackstone Real Estate Special Situations Holdings L.P.
805-3519304758, re-typed Hedge Fund
master$0 GAV 202462012* to 2024unknownWinding downDistressed
Blackstone Commercial Real Estate Debt Fund L.P.
805-6799285165, dropped 2022
fund$0 GAV 20214022012* to 2021unknownDropped from ADVDebt
Blackstone Real Estate Debt Strategies II - a L.P.
805-3431026750, dropped 2023
fund$0 GAV 202222016 to 20222016Dropped from ADVDebt
What do they actually own?
3 trusted of 13 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
ICON CROSSROADS OWNER POOL 5 G
FL, warehouse, distribution
manager only2 assessed $15.4MName only
owner's tax-bill address is the manager's headquarters building
SUNSEEKER GOLF OWNER LLC
FL, stores one story
manager only1 assessed $157,030Name only
owner's tax-bill address is the manager's headquarters building
BAL BOYNTON OWNER I LLC
FL, warehouse, distribution
manager only1 assessed $66.1MName only
owner's tax-bill address is the manager's headquarters building
Properties the manager names on its site
  • Alexander & Baldwin, Hawai'i (retail) “Alexander & Baldwin is an iconic 150-year-old business and the largest owner of neighborhood grocery-anchored shopping centers in the state of Hawai’i.”
  • Link Logistics (industrial) “A leading owner of last-mile logistics real estate, Link Logistics is harnessing data from its 3,000 properties and 7,000+ customers to equip employees with real-time insights that drive faster decisions and greater efficiency.”
What are they buying, selling and financing?
1 acquisitions, 0 sales, 0 financings in 12 months
  • AcquisitionApr 1, 2026$42.2M
    1920 HIGH RIDGE RD, Boynton Beach FL (warehouse, distribution) through BAL BOYNTON OWNER I LLC
    fl dor nal floridarevenue.com
Who finances them?
0 loans, 0 lender groups
No recorded loans through trusted holdings.
Who backs them?
1 allocators, 1 rows
  • New York State Common Retirement Fund in Blackstone Real Estate Debt Strategies III exact_name$23.9M fair value, as of Mar 31, 2025 osc.ny.gov
People
Form ADV Schedule A, latest filing
  • Paul Daniel Quinlan Real Estate Chief Financial Officer since 2015-01
  • Farhad Mawji Karim Global Real Estate General Counsel since 2017-01 also on pe
  • Kathleen T. Mccarthy-Baldwin Global Co-Head Of Real Estate since 2018-02
  • Scott Aaron Mathias Chief Compliance Officer since 2020-03 also on pe
  • Timothy Steven Johnson Global Head Of Blackstone Real Estate Debt Strategies since 2021-10
  • Katharine Amelia Keenan Global Chief Operating Officer Of Real Estate Credit since 2023-11
  • Nadeem Nmn Meghji Global Co-Head Of Real Estate since 2024-01
What is changing?
  • Vehicle first reported Mar 28, 2024 (observed) Truck Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $43,163,577
  • Vehicle first reported Mar 28, 2024 (observed) Lightbulb Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $51,496,430
  • Vehicle first reported Mar 28, 2024 (observed) Neutrino Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $60,108,988
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Blackstone Real Estate Debt Strategies II - Gaussian L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle first reported Mar 28, 2024 (observed) Barrel Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $33,668,206
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Blackstone Real Estate Debt Strategies II L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle first reported Mar 28, 2024 (observed) Cabin Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $53,148,352
  • Vehicle first reported Mar 28, 2024 (observed) Blackstone Real Estate Debt Strategies V - C L.P. first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $1,675,026,718
  • Vehicle first reported Mar 30, 2023 (observed) Blackstone Real Estate Debt Strategies V (lux) Scsp first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $336,996,000
  • Vehicle first reported Mar 30, 2023 (observed) AI Tc Fund I LLC first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $475,000
  • Vehicle first reported Mar 30, 2023 (observed) Blackstone Real Estate Debt Strategies V L.P. first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $962,115,381
  • Vehicle first reported Mar 30, 2023 (observed) Toast Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $24,037,000
  • Vehicle first reported Mar 30, 2023 (observed) Breds - F Spv L.P. first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $63,075,013
  • Vehicle first reported Mar 30, 2023 (observed) Qubit Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $14,245,946
  • Vehicle first reported Mar 30, 2023 (observed) WDC 4900 Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $103,362,000
  • Vehicle dropped from ADV Mar 30, 2023 (observed) Blackstone Real Estate Debt Strategies II - a L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle first reported Mar 30, 2023 (observed) WDC 5100 Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $110,982,000
  • Vehicle first reported Mar 30, 2023 (observed) WDC Fulton Topco LP first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $101,472,000
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Commercial Real Estate Debt Fund L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Fund Ii.1 L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Principal Transaction Partners L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Europe L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Europe.2 L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Commercial Real Estate Debt Fund (cayman) L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Fund - Gaussian L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Fund II L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Europe.1 L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle dropped from ADV Apr 1, 2022 (observed) Blackstone Real Estate Special Situations Fund Ii.2 L.P. no longer reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C.
  • Vehicle first reported Mar 31, 2021 (observed) Blackstone Real Estate Debt Strategies IV - Gaussian L.P. first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $933,464,391
  • Vehicle first reported Mar 31, 2021 (observed) Blackstone Real Estate Debt Strategies IV - C L.P. first reported on Form ADV by Blackstone Real Estate Special Situations Advisors L.L.C., GAV $1,122,110,201
Across DFX

Bridged by shared CRD, CIK or SEC fund id only; the same institution’s PE portfolio companies and its real estate holdings stay on their own graphs.