The investment management giant is planning to raise $5 billion for its latest real estate debt fund. : Blackstone is setting its sights on raising $5 billion for its latest real estate debt fund, according to an article by Bloomberg. The new investment vehicle, Blackstone Real Estate Debt Strategies IV, launches three years after the closing of Blackstone Real Estate Debt Strategies III, which exceeded its target of $4 billion. Per Bloomberg’s reporting, BREDS IV will pursue property-related wagers in public and private debt around the world, with a particular focus on the U.S.