WSJ: Despite an increasingly tough commercial property market, Blackstone LP has finished raising the largest commercial real estate fund ever, with $20.5 billion of commitments. Its previous real-estate fund, which closed in 2015, raised $15.8 billion, which was the record until now. Blackstone’s “opportunistic” funds—which take higher risks in pursuit of higher returns—have delivered annual average net returns of 15% over the past 27 years, according to company filings. Blackstone also has been a leader in recent years because pension funds, endowments, and other investors have been gravitating towards big brand names in the private-equity world.