Blackstone raises $18b for latest global fund

Blackstone Capital Partners VII launched in November 2014 and had a first close of $15.7 billion within seven months. The vehicle, which will have $18 billion dry powder due to an additional $500 million commitment from the firm and its employees, has more than 250 LPs from 40 countries.

The first investments are expected to be made during the first quarter of 2016.

Blackstone closed its previous global PE fund at $16.2 billion in early 2012. According to the California Public Employees' Retirement System (CalPERS), as of June 2015 it had delivered a net IRR of 14.3% and a multiple of 1.3x. This followed the $21.7 billion fifth fund, which was on a net IRR or 8.3% and a multiple of 1.6x.

"We are enormously appreciative of our investors' trust and strong support of BCP VII. We have an excellent team that is working tirelessly to continue generating favorable long-term returns for our investors," Joseph Baratta, global head of Blackstone's private equity business, said in a statement.

The firm managed more than $91 billion in private equity capital as of the end of the third quarter. Total assets within the asset management businesses were in excess of $330 billion.

Blackstone's fundraise comes a few weeks after Warburg Pincus closed its latest global private equity fund at the hard cap of $12 billion. It is also larger than its predecessor, which closed in 2013 at $11.2 billion.

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• Topics
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• The Blackstone Group
• Fundraising
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• buyout