(Bloomberg) -- Blackstone Group Inc. has finished raising a 9.8 billion-euro ($10.7 billion) fund that will target European real estate.

The fund swells the firm’s uninvested capital for opportunistic property bets to about $30 billion just as the coronavirus outbreak roils markets worldwide. It’s also the largest private equity capital raising to complete since the pandemic’s outbreak, according to data compiled by Bloomberg.

“Despite the uncertain economic environment, the significant demand we’ve seen from around the world is testament to the continued confidence our investors have in our ability to deploy strategic long-term capital to assets and businesses across Europe,” James Seppala, Head of Real Estate Europe, said in an emailed statement.

Blackstone Real Estate Partners Europe VI made its first investment toward the end of last year when it purchased Dream Global Real Estate Investment Trust, according to the statement. The C$6.2 billion ($4.4 billion) deal was completed in December and added European office and industrial assets to Blackstone’s property portfolio, currently the world’s largest.

Many of the real estate bets made by Blackstone in the aftermath of the 2008 global financial crisis proved to be among the firm’s most profitable.

In recent weeks, landlords including Blackstone have had to negotiate rent waivers and other support measures as tenants were hit by the economic impacts from governments telling people to stay home amid the pandemic.

Many private equity firms have had to focus attention on protecting companies in their portfolios by shoring up cash and drawing on credit lines. Only 4% of investors see the current market as a buying opportunity, CIL Management Consultants said on Wednesday, citing a survey of PE clients.

Some managers are still busy raising capital. European asset manager Ardian is close to finalizing a new $18 billion fund to acquire private equity stakes.

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