Kirk Falconer
Blackstone's assets managed are expected to hit the $1trn mark in the year ahead, chairman and CEO Stephen Schwarzman said.
The amount raised provides Fund IV with just under half of its $4.5bn target, reported last year by affiliate Buyouts.
Fund II wrapped up 40% above its initial target and 70% larger than Blackstone’s inaugural GP stakes vehicle, which closed in 2014 at $3.3 billion.
The goal is to provide for stable and predictable cashflows and market leadership positions that result in compounding returns over a longer timeframe, the firm has said.
Gensler’s overarching goal, he said, is to 'bring more sunshine and competition to the private funds space'.
A key factor in the stronger return was a gain from OMERS' agreement to sell Environmental Resources Management to KKR.
The firm wants to create an institutional-quality product for the retail market, according to BCP Credit head Ted Goldthorpe.
The lawsuit may be a cautionary tale for institutions that invest directly and have – or are looking to create – incentive schemes to attract top PE talent.
Fund II has so far collected $3.2bn, including $800m between January and March, Apollo reported in its Q1 2021 results.
PSP Investments generated a one-year return of 28.4% on its PE investments in 2020, compared with a prior-year return of 5.2%.