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Laxman Pai, Opalesque Asia: Blackstone Group Inc.'s private equity business raised $8 billion for a fund that aims to hold companies for longer periods than its typical investments.
The New York firm said its Blackstone Core Equity Partners II LP fund closed to new investors at its hard cap and is roughly 70% bigger than its predecessor, which closed in 2016. The fundraising target was not disclosed.
Blackstone said the fund, which is designed to hold investments for longer periods than the traditional buyout fund, represents the most capital ever committed to a long-hold fund.
Joe Baratta, Blackstone's Global Head of Private Equity, said: "We are grateful for the strong vote of confidence from our investors. 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."
Investors include the California Public Employees' Retirement System, Sacramento, and California State Teachers' Retirement System, West Sacramento.
"Initial discussions with investors for establishing Blackstone's core private equity business began in 2014, which led to the first close of the first vintage of this strategy in 2016. This platform is designed to hold investments for longer periods than traditional private equity and targets investing in high-quality,...................... To view our full article Click here
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