Alt Investments

Blackstone Nets $1.3 Billion For Wealth-Targeted Private Equity Fund

Editorial Staff 9 January 2024

Blackstone Nets $1.3 Billion For Wealth-Targeted Private Equity Fund

Blackstone's launch of such a fund speaks to how such organizations continue to cultivate HNW and ultra-HNW clients as important sources of assets.

Blackstone has raised $1.3 billion for its first private equity fund for high net worth individuals, highlighting how such firms continue to target wealthy individuals. The launch of the fund had been delayed from last year.

The fundraising was disclosed by the New York-listed firm in a filing this week. 

The fund is called Blackstone Private Equity Strategies Fund L P, a Delaware limited partnership, the filing showed. It will invest in private strategies including startups, fund stakes and buyouts, Bloomberg reported yesterday. 

BXPE’s structure has a different reach from some of the other firm’s products for individuals, president Jon Gray was quoted as telling Wall Street analysts last year. It is targeting people who have at least $5 million to invest, the newswire report said.

Blackstone has also – as reported by Family Wealth Report – entered into the space of “perpetual,” aka “evergreen” private market funds, seeing these as ways to broaden access to assets that otherwise are typically only open to ultra-HNW clients who are able to handle capital calls and accept constraints such as exit deadlines. 

The Bloomberg report noted that Blackstone started designing the Blackstone Private Equity Strategies Fund about six years ago and planned to launch it by early 2023. However, adverse market conditions meant that the firm delayed the launch, and adjusted the fund's structure.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes