The strategy invests in mezzanine debt, a sector that soared last year as parched investors shopped for yield.
Blackstone Group Inc. has closed on more than $2.8 billion so far for a new vehicle that invests in mezzanine debt, an area of private credit that has boomed since the coronavirus pandemic struck.
The firm disclosed its fundraising progress for Blackstone Capital Opportunities Fund IV LP in a Securities and Exchange Commission filing. The previous fund in the series, GSO Capital Opportunities Fund III LP, closed with $6.5 billion in 2016.
Last week the biggest private equity firm in the world, Blackstone, has a lot of PE activity. Bumble, the dating app backed by Blackstone, filed to go public on Friday. Blackstone was busy in India: Portfolio company Aadhar Housing Finance is reportedly planning an IPO for this year, and the firm agreed this week to sell Aakash Educational Services to Byju’s. And in personnel news, Snowflake CEO Frank Slootman and former US Air Force Chief of Staff David Goldfein have both agreed to join Blackstone as senior advisers.
Read more: Wall Street Journal
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