Blackstone Inc raises $30.4 bn for its latest global real estate fund as the private equity behemoth looks to double down on the industry, Invest-Gate reports.

The fund is 48% bigger than the asset management giant’s previous real estate fund, which closed in 2019.

Blackstone mainly focuses its portfolio on logistics, rental housing, hospitality, lab office and data centers, shifting away from assets like traditional offices and malls facing headwinds from a post-pandemic adoption of flexible work and surge in surge in e-commerce.

Ken Caplan, global co-head of Blackstone Real Estate, says that “Sector selection has never been more critical as we witness the bifurcation of performance within real estate,”

Blackstone shares were up nearly 1% in premarket trading.