Blackstone Capital Partners IV closes on $6.45bn

The Blackstone Group recently announced that Blackstone Capital Partners IV has closed on $6.45bn, making it one of the largest private equity funds ever raised. The vehicle, which was launched in spring 2001, had a target of $5bn. The fund structure is described as standard. Credit Suisse First Boston acted as the US placing agent to the fund, with UBS Warburg as placing agent outside the US.

Investors

Although no individual investors have been disclosed, Stephen Schwarzman, president and CEO of the Blackstone Group, has said that almost 90% of investors from BCP III, Blackstone’s current private equity fund, also invested in BCP IV. In addition, almost half of the investors in BCP IV are new investors with Blackstone, including a large number from outside the US.

Investments

Blackstone will make investments of $100-400m, primarily in North America and Western Europe, although the firm also invests in Latin America and emerging European markets. It recently announced a private equity initiative focusing on Europe, opening a London office in August 2000. In February 2001, Blackstone entered into a strategic alliance with Roland Berger & Partner GmbH, giving it access to proprietary dealflow and local knowledge. Over 50% of Blackstone’s total investments are made in partnership with major global corporations, with past examples including AT&T, AOL Time Warner, Marsh & McLennan, Sony, Union Carbide, Union Pacific and Wellington Underwriting.

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