Blackstone Inc. has closed on its largest global property drawdown fund, targeting opportunistic deals across sectors such as rental housing, hospitality and data centers.

The company secured $30.4 billion of total capital commitments for its latest global real estate fund, called Blackstone Real Estate Partners X, according to a statement Tuesday.

The real estate market has come under pressure over the past year due to a pullback across commercial-property lending, as borrowing costs skyrocketed. At the same time, the stocks of public real estate investment trusts have also suffered amid uncertainty in the market and increasing concerns about certain property types such as offices.

“Pullback with all forms of capital will create opportunities,” said Kathleen McCarthy, global co-head of Blackstone Real Estate. “We can use our capital and expertise to capitalize on the moment for our investors.”

The firm started to raise money for the fund last year. Three of its strategies — global, Asia and Europe — now have a total of $50 billion in capital commitments, the firm said. Blackstone Real Estate’s portfolio is about 80% concentrated in properties such as logistics, rental housing, hospitality, lab offices and data centers. 

This article was provided by Bloomberg News.