There are better real estate investment opportunities outside the US than domestically, investors in Stephen Schwarzman’s Blackstone Group were told on Thursday.

By Dec. 31, Blackstone expects to close a $5 billion Asian real estate fund and recently raised the target on the Europe real estate fund it is raising from 5 billion to 6.6 billion euros ($9 billion).

At the same time, the private-equity powerhouse is in the process of launching a $13 billion global real estate fund, its eighth, sources said.

Blackstone’s global real estate fund — at this point — will be investing more alongside its Europe and Asian funds than previously, a source said.

Blackstone’s real estate boss Jon Gray told investors at a Thursday meeting at the Waldorf Astoria Hotel, “As the US housing market recovers, it is more challenging here,” a source at the meeting said.

Blackstone became the country’s biggest owner of single-family homes, which it then rents, but is not expanding that program into new markets.

“They see more opportunities in Asia and Europe given the dislocations there,” a source said.

A Blackstone spokesman declined comment.