Blackstone, the private equity giant that has made a fortune out of Ireland since the crash, is said to have raised as much as $5.5bn for a new fund aimed at buying European real estate. It is expected to have increased that to $7bn by the time the fund is scheduled to close later this summer.
The investment manager raised close to €7bn for its previous fund in 2014.
The latest property fund is expected to focus on the likes of Italy, Spain and the UK, although given the size of the fund, the firm may spend some of that money in Ireland.
Blackstone is targeting a 114pc return on the sale of its Burlington Hotel in Dublin and is on the verge of spending €950m on the Blanchardstown Centre.