Blackstone brings in over $3.1bn for first dedicated growth capital investment fundraise

Global buyout giant Blackstone has scored more than $3.1bn of LP capital for its debut fund dedicated to growth capital investing.

The firm has picked up commitments for Blackstone Growth Fund from 88 investors to date, a US securities filing shows.

Blackstone launched the fund two years ago, with reports since suggesting the firm was hoping to collect between $3bn and $4bn for the vehicle.

LPs backing the fund to date include The Minnesota State Board of Investment, which revealed a $250m commitment last year.

Blackstone launched its dedicated growth investment platform in 2019 under Jon Korngold.

Letteri, who was with KKR for nearly 13 years, was the first employee in its growth equity business and was most recently head of its Next Generation Technology operations in North America.

Source: Alt Assets