Global buy-out giant Blackstone is nearing the final close for its latest fund with commitments of just over $16bn, making it the largest buy-out fund currently in the market to complete fundraising and the sixth largest private equity vehicle raised to date.
According to Reuters, the firm began fundraising in 2008 and had originally aimed for a final close in June 2010, although that date was extended to accommodate the due diligence needs and approval processes of some of its LPs.
Blackstone Capital Partners VI (BCP VI), which is due to close this month, began investing in January 2011 and had already invested $620m as of 30 September, including the $3bn buy-out of Emdeon and a $277m investment in Exeter Finance.
The fund has attracted a range of high profile institutional investors, including the California Public Employees’ Retirement System, Canada Pension Plan Investment Board and the New Jersey Division of Investment.
BCP V, the vehicle’s $21.7bn predecessor, was the largest private equity fund ever to be raised. BCP IV closed in 2002 with commitments totalling $6.45bn.
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