New York-based investment bank The Blackstone Group has set about raising a new private equity fund, which will have a European focus, according to market sources.
The group raised just under $4bn in its Blackstone Capital Partners III fund and it is believed that this fund could top that amount.
The group is said to have completed work on a private placement memorandum about the fund, which will soon be sent to pension funds and institutional investors.
Blackstone has typically focused on opportunities in sectors which are out of favour or undervalued. It is believed that the fund will look at a range sectors.
The group has to date raised $14bn for alternative investments such as mezzanine and hedge investments. It has raised $8bn for investment in private equity.
Blackstone declined to comment on the new fund.