Blackstone raises $1.95b for PE fund targeting wealthy clients
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The news: Alternative asset manager Blackstone has announced a raise for a retail private equity fund targeting high-net-worth (HNY) clients, the largest raise for a fund of its kind.
The numbers: The fund began taking commitments from clients in November last year, completing its initial raise of USD1.3 billion ($1.95 billion) by early January.
The context: The fund, titled BXPE (Blackstone Private Equity Strategies Fund) is tailored to HNY individuals and highlights the increasing pressure being felt by asset managers to lock in sources of private wealth as institutional money continues to tighten.
According to Bloomberg, BXPE will invest in private strategies including startups, fund stakes and buyouts. The fund will charge a management fee of 1.25% of assets and a 12.5% performance fee above a 5% annual return.
Blackstone began its plans to launch the fund six years ago, however faced delays due to concerns around managing redemptions from its real estate investment fund in late 2022.
The source: SEC Filing
