Blackstone”s launch of a private equity fund speaks to how such organisations are continuing 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 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.