Wednesday, 24 August 2016
Last updated 26 sec ago
Jul 23 2010 | 1:50pm ET
The Blackstone Group has raised the biggest new buyout fund since the beginning of the financial crisis.
The New York-based private equity fund has closed its sixth fund at $13.5 billion, well ahead of its target, but smaller than the $14 billion BCP V fund. That fund later reopened and netted an additional $6 billion.
“In any environment, $13.5 billion is a great result and gives us plenty of firepower as we have $3 billion from the old fund,” Blackstone President Tony James said.
Blackstone expects to invest the remaining capital from its fifth fund in the fall, when it will begin investing money from the sixth fund. It will focus on Asia and North America, at least until the European economy begins to recover.
BCP VI features additional choices on deal fees not offered on BCP V, Blackstone said.