Blackstone raises $18bn for latest flagship fund

The fund exceeded its hard-cap when Blackstone and its employees committed $500m to the vehicle. The GP stated that demand had significantly exceeded the $17.5bn hard-cap after a year on the road.

Blackstone launched the vehicle in November 2014, holding a first close on $15.7bn in May this year.

The fundraising effort significantly exceeds the amount raised for the previous flagship fund, launched in the immediate aftermath of the financial crisis. Blackstone announced the first close of Blackstone Capital Partners VI in February 2009 on $8bn. The fund's initial $20bn target was lowered to $15bn and it reached a final close at around $16bn in January 2012.

That said, the firm's latest fund is significantly smaller than Blacktone's pre-crisis effort: the GP raised $21.7bn for its fifth flagship vehicle in 2006.

Investors
Blackstone stated it had attracted more than 250 limited partners from 40 countries. The GP contribution is equivalent to 2.8% of all commitments.

Investments
The buyout vehicle will be deployed globally, with the first investments expected in Q1 next year.

People
Joseph Baratta is the global head of Blackstone's private equity business.

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