The fund was registered in Luxembourg in September 2019 and was oversubscribed. It is more than 70% larger than its predecessor, which closed on $4.8bn in 2016. BCEP II follows a long-hold private equity strategy, with an investment period of 15 years. 

 "We are grateful for the strong vote of confidence from our investors," said Joe Baratta, Blackstone's global head of private equity, commenting on the close. "The current volatile and unpredictable environment reinforces the importance of investing in very high-quality companies with a long-term focus."

Blackstone has $184bn in assets under management and specialises in a wide range of dedicated strategies, focusing on traditional corporate PE, core PE, energy and life science.

In the last year, Blackstone has raised the largest PE fund and the largest life sciences private fund in history.

Blackstone Capital Partners VIII closed on $26bn in September 2019. The fund invests in large-cap and mid-market buyouts, buy-and-build platforms, growth equity deals and energy development projects. It looks for companies operating in the energy, financial services, healthcare, industrial, business services and technology sectors.

Blackstone Life Sciences V closed on $4.6bn in July 2020. It provides funding to companies across the health technology and life sciences sectors, that are in the later stages of their products' development.

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