Blackstone may slow the launch of private equity fund after investor withdrawals -FT By Reuters

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Blackstone may slow the launch of private equity fund after investor withdrawals -FT

Stock Markets Dec 10, 2022 10:35AM ET

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Blackstone may slow the launch of private equity fund after investor withdrawals -FT

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(Reuters) - Blackstone (NYSE:BX) Inc has warned of possible delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele, the Financial Times reported on Saturday.

The New York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund (BXPE), the report said, adding that would become its flagship strategy for rich individuals to participate in its private equity business.

The asset manager in recent days informed wealthy investors and their financial advisers that it may wait for fundraising conditions and financial markets to improve before launching BXPE, the newspaper said, citing people familiar with the matter.

The clients of Blackstone's other "retail" products expected the fund to be launched by early 2023, FT said.

Blackstone declined to comment on the report.

The asset manager earlier this month limited withdrawals from its $69 billion real estate income trust (REIT) after receiving too many redemption requests.

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Comments (1)

Ernie Keebler Dec 10, 2022 3:04PM ET

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Limiting withdrawals, did they get their hand caught in the cookie jar? They reap the rewards based on total invested not on returns so of course they like to keep the funds brimming full

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