Blackstone raises $1.3 billion for private equity fund targeting high-net-worth individuals

The launch of Blackstone’s private equity fund illustrates how these organizations continue to cultivate high-net-worth and ultra-high-net-worth clients as an important source of wealth.

Blackstone has raised $1.3 billion for its first private equity fund for the wealthy, highlighting how these companies continue to target the wealthy. The launch of the fund has been delayed since last year.

The financing was disclosed by the New York-listed company in a filing this week.

The fund is called Blackstone Private Equity Strategies Fund LP, a Delaware limited partnership, according to filings. We invest in privately held strategies such as startups, fund investments, and acquisitions. bloomberg It was reported on Monday.

BXPE’s structure gives it a different reach than some of other companies’ consumer products, president John Gray reportedly told Wall Street analysts last year. The newswire reported that it is targeting people with at least $5 million in investment funds.

Blackstone also reportedly wealth briefing – Enters the field of “permanent” or “evergreen” private market funds, assets that are typically available only to ultra-high-net-worth clients who can withstand capital calls and accept constraints such as: We are looking at these as a way to expand access to. Exit deadline.

of bloomberg Blackstone began designing the Blackstone Private Equity Strategies Fund about six years ago, with plans to launch it by early 2023, according to the report. However, due to poor market conditions, the company postponed the launch and adjusted the fund’s composition.