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

Tom Burroughes

17 May 2024

has raised $1.3 billion for its first private equity fund for high net worth individuals, highlighting how such firms are continuing 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 on Monday. 

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 WealthBriefing – 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.