The largest high-yield real estate fund in U.S. history has been raised. Last week, private equity giant Blackstone Group’s Real Estate Partners 5 fund closed with roughly $5.25 billion in equity. The news was originally reported in institutional real estate newsletter Real Estate Alert. Blackstone Real Estate Partners 5 raised $1.25 billion more than fund managers had originally expected — and the $5.25 total exceeds Lone Star Fund V, which closed last year after raising $5 billion in equity.

According to the report, Blackstone Real Estate Partners 5 is seeking a 20% return through U.S., European and Asian property investments. Its debut investments include the soon-to-be-closed acquisitions of office REIT CarrAmerica and office company Trizec Properties. The levered fund will reportedly have as much as $21 billion in buying power.