Blackstone closes latest PE fund at record-breaking $8bn

Blackstone announced today the final close of the second vintage of its long-hold private equity strategy, Blackstone Core Equity Partners (BCEP II), which was oversubscribed and closed at its hard cap of $8 billion. The fundraise is more than 70% greater than the firm’s predecessor fund and represents the largest amount of capital raised from outside investors for a long-hold private equity vehicle in the firm’s history. Blackstone initially started to discuss the offering with investors in 2014. All the work led to the close of the first vintage of the strategy in 2016. The strategy holds investments for longer periods than traditional private equity and targets investments in high-quality, market-leading companies, officials said. Blackstone's $184 billion private equity business has a wide range of dedicated strategies focusing on traditional corporate private equity, core private equity, Asia, energy, and life sciences. Blackstone has had a busy 2020, having raised the largest private equity fund in its history and a $4.6 billion life sciences private fund. The firm announces its third quarter results later on this week. "We are grateful for the strong vote of confidence from our investors,” said Blackstone's Global Head of Private Equity Joe Baratta. “The success of our pioneering core private equity platform is a testament to the quality and depth of our private equity team. The current volatile and unpredictable environment reinforces the importance of investing in very high-quality companies with a long-term focus."

Blackstone closes latest PE fund at record-breaking $8bn

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