Blackstone prepares fifth Tac Opps Fund as Fund IV nears $10bn

Fund IV officially closed in 2023 at $5.2bn and exceeded its $4.5bn target. It continued raising capital through side-car vehicles, pushing its total commitments to over $9bn by the end of December.

Tac Opps, a $37bn platform created in the aftermath of the financial crisis, focuses on structured capital investments across diverse sectors and varying market conditions. Its adaptable strategy has positioned it well in the current high-interest rate environment, where many private equity-backed companies seek refinancing solutions. The increasing demand for such capital is likely driving Blackstone’s expedited plans for Fund V.

Recent investments by Tac Opps include a $300m stake in AI and data intelligence company DDN. Consequently, this values the business at $5bn. Blackstone also reported raising $57.5bn across all strategies in Q4 2024, with private equity accounting for $11.6bn. Additionally, the firm is fundraising for Blackstone Energy Transition Partners IV, which has already secured $5.2bn towards its target of more than $6bn.

Tac Opps underwent key leadership changes in late 2024. Chris James, a founding member of the platform, was named global head, succeeding David Blitzer, who transitioned to chairman. Senior partners Jas Khaira and Qasim Abbas were also promoted to oversee Tac Opps’ operations in the Americas and internationally.

The continued growth of Tac Opps underscores Blackstone’s confidence in structured capital’s role in the evolving investment landscape, as the firm remains a dominant force in private equity and alternative asset management.

Source: AltAssets

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