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Blackstone’s second rescue lending fund reaches $5bn cap

19 Jul 2013

dollar_money_bag_170sqPrivate equity firm Blackstone has raised $5bn for its second rescue lending fund, hitting its fundraising cap.

In its quarterly results report, the New York-based buyout major said the vehicle made its first investment during the quarter and had commitments of $5bn at the end of the period.

Early in 2013 Blackstone CEO said he expected the fund to raise between $4bn and $5bn this year.

In addition, Blackstone has raised $324m of commitments for the tactical opportunities investment vehicles during the quarter, taking its fundraising total to $3bn.

The report also revealed that Blackstone committed $1.6bn of private equity capital during the quarter, taking the total for 2013 to $1.9bn.

Realization activity was “robust” with $1.6 billion during the quarter and $3.6 billion year-to-date, said the firm.

Other highlights of the period included secondary sales in Nielsen, PBF Energy and Travelport at an average exit multiple of 2.6 times and the IPO of SeaWorld.

Private equity fund carrying value increased 13.3 per cent in the first half of the year, while total performance fees reached $187m in the second quarter.

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