Blackstone launches new alternatives structure

The BTAS strategy seeks to provide diversified exposure across Blackstone's platforms by accessing 15 investment strategies deployed by Blackstone's various operations, including secondary infrastructure, global energy, regional buyouts, energy dislocation, secondary private equity and global mezzanine debt.

The vehicle is marketed as an alternative to the traditional fund-of-funds model where LPs would pay a double layer of management fees.

Since the inception of the BTAS platform in 2014, Blackstone has raised four vintages, most recently raising $1.2bn for BTAS IV, which is currently 17% deployed across 40 investments.

The asset class allocation break-down is not fixed, as Blackstone said it shifts allocation to match the opportunity set. In 2017, it deployed 30% of capital to private equity, up from 23% in 2016.

In aggregate, the BTAS funds have more than $5bn in assets under management, with a 2.7-year average deployment period, and 250 average investments per vintage.

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• Topics
• Funds
• Fund-of-funds
• Blackstone Group