In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments and a $1.1 billion real estate investment fund. Also in 1997, Blackstone made its first investment in Allied Waste. In 1998, Blackstone sold a 7% interest in its management company to AIG, valuing Blackstone at $2.1 billion. In 1999, Blackstone partnered, together with Apollo Management to provide capital for Allied Waste's acquisition of Browning-Ferris Industries. Blackstone's investment in Allied was one of its largest at that point in the firm's history.