Blackstone Private Equity Fund Closes on $21.7 Billion
New York – August 8, 2007 – The Blackstone Group (NYSE: BX) today announced the final closing of its latest global private equity fund, Blackstone Capital Partners V (BCP V).
Together with previously announced commitments this closing brings total commitments to $21.7 billion. BCP V, like its predecessor funds, will be invested across a broad range of sectors and geographical locations.
Investments with a total enterprise value of approximately $84 billion, have already been committed to BCP V, and include Nielsen Company, Michaels Stores, Alliance Data Systems, Biomet, Freescale Semiconductor, Hilton Hotels, and Center Parcs. The combined equity participation in all transactions committed to date already accounts for two-thirds of the fund’s available capital.
Since The Blackstone Group started its private equity investment business in 1987, the firm has raised a total of approximately $67 billion for alternative asset investing, making it one of the world’s largest independent alternative asset managers. Blackstone also manages approximately $23 billion in discretionary marketable alternative asset programs, approximately $4 billion in proprietary hedge funds, and over $2 billion in mutual funds.
Blackstone’s private equity business currently has investments in 49 portfolio companies with combined annual revenues in excess of $90 billion employing over 500,000 people around the globe.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of The Blackstone Group, said; “This further vote of confidence from our investors is extremely gratifying. The record-breaking amount of capital at our disposal allows us to continue our leadership role in private equity investing on a global basis.”
The Blackstone Group was assisted in its fund-raising by Park Hill Group, a Blackstone affiliate.
About The Blackstone Group
The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.
This release does not constitute an offer of any Blackstone fund.