BISNOW: $41B — Even if Blackstone used conservative leverage of around 50%, the new fund will be able to buy $41B of assets. $14.7B — The equity recouped for investors from sales in the 12 months to the end of June. That means that in spite of worries about an impending downturn, it is very much a net buyer. $47B — The amount of equity that it has in its war chest still ready to spend. 15% — The internal rate of return of Blackstone’s last global real estate fund. The IRR on investments it has already sold is 27%. $562M — Blackstone earned $562M in net fees from managing $112B of fee-earning real estate assets in the first half of 2019. On top of that flat management fee, it earned $17M of performance fees. $212M — Managing that amount of assets profitably doesn't necessarily come cheap. The firm paid $212M in compensation in the first half of the year. According to its website, the real estate team has 527 staff, so that works out at an average of $403,436 per person for the first half of the year.