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A former executive with Blackstone (NYSE:BX) is on track to raise $1 billion for a real estate-focused fund.

The Wall Street Journal, sourcing its coverage from unnamed “people familiar with the matter,” reported Tyler Henritze, Blackstone’s former head of real estate acquisitions in the Americas, has co-founded Town Lane, which plans to invest in warehouses, hotels, and multifamily properties in the Sunbelt states. The new company is expecting its first fund to close on commitments for about $750 million by the first quarter and will record a final close with around $1 billion in the second quarter.

Henritze, who left Blackstone last June, is reportedly working to secure financial commitments for the new fund from a range of investors that include Ivy League endowments, foundations and family offices. The new company also recruited investment professionals from other firms including Blackstone, Goldman Sachs and Morgan Stanley.

Photo courtesy of the Cornell Nolan School of Hotel Administration’s Facebook page

 

 

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