Northwood Investors, the private equity firm set up by former Blackstone real estate head John Kukral, has raised $1bn of equity for its property fund.

According to a report in Private Equity Real Estate magazine, Northwood has now completed a second offering for its fund, taking the total equity raised to $2.3bn.

Kukral is seen as one of the savviest investors in the market, and the firm has already spent the intial $1.3bn it raised in August 2007.

“This successful capital raise is significant, particularly given the challenging fundraising environment currently,” Kukral said.