Blackstone has $4bn at first closing

Fundraising for Blackstone Capital IV LP, the group’s international buyout fund, is understood to be on track.

The Blackstone Group, the New York-based private equity and alternative asset manager, has reached a first close for its latest international private equity fund, Blackstone Capital IV LP.

The firm is understood to have raised $4bn to date. A spokesman for the company said SEC regulations meant that no comment could be made.

Blackstone is a leading player in the international buyout arena running a number of private equity vehicles. The firm manages $8bn pf private equity capital through its Blackstone Capital Partners I, II, and III and Blackstone Communications Partners I funds.

In line with other private equity specialists such as The Carlyle Group and London-based Duke Street Capital, the firm has diversified in recent years and branched out into other areas of alternative asset management.

Blackstone Mezzanine Partners has $1.1bn of committed capital under management and closed a $650m mezzanine fund in 1999. The firm also has a real estate business that is currently raising a new fund, and an interest in hedge funds. It also offers M&A and restructuring advisory services.

A European office was opened in Europe in August 2000, following a period of making investments in Europe.

One of the firm’s European generated a profit in October when Blackstone, alongside co-investors Battery Ventures, benefited from the sale of the London International Financial Futures and Options Exchange, LIFFE.

Blackstone Capital IV is expected to be in the market for another six to eight months before reaching a final closing. The placement divisions of UBS Warburg and Credit Suisse First Boston are sharing a mandate to jointly help raise the fund.