Blackstone related stories
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Blackstone writes down a third of its private investmentsThe New York-based private equity firm said one-third of the private companies in its private equity portfolio faced write-downs of some kind, as president Tony James revealed a $68m Q3 private equity loss.
- Blackstone to invest $2bn alongside Korean pension fund
Earlier this month, the pension fund struck similar deals with private equity firms, Oaktree Capital and MBK Partners.
- Illinois Teachers’ commits $150m across three funds
The $38.3bn pension has committed $50m apiece to Blackstone, GI Partners and Edgewater. The fund also said it is cooperating in a federal investigation into an alleged kickback scheme.
- PE, RE lawyers to advise US government on bank deals
Simpson Thacher & Bartlett, the law firm for private equity and real estate heavyweights like Blackstone, KKR and JC Flowers, will guide the government as it spends up to $250bn purchasing equity stakes in banks.
- Blackstone- and Bain-backed Michaels’ draws $120m from revolving loan
The arts and crafts big-box chain has drawn an aggregate of $120m from its senior secured asset-based credit facility to ‘meet its cash needs while there are disruptions in the debt markets’. Bain and Blackstone bought the US retailer in 2006 in a $6bn deal.
- Infrastructure dealmakers eye $100 trillion in global assets
Blackstone infrastructure co-head Trent Vichie and Chris Leslie, CEO of Macquarie Infrastructure Partners, say only a fraction of what's needed for infrastructure investment worlwide has been raised by private funds. Meanwhile CVC’s infrastructure chief, Stephen Vineburg, also speaking at PEI’s Infrastructure Forum in New York, said infrastructure investing has reached a third stage in development.
- Abraaj nears $4bn fund close
Existing LPs have committed $3bn toward the latest buyout fund from the MENASA-focused firm, which has just purchased a controlling stake in the Karachi Electric Supply Company for an estimated price of $400m.
- China to raise stake in Blackstone
The publicly listed private equity firm, battered by the public markets, has increased the stake the Chinese sovereign wealth fund can own in the firm from 9.99 percent to 12.5 percent.
- KKR's lawyers to advise US government on bank deals
Simpson Thacher & Bartlett, the law firm for private equity heavyweights like Blackstone and KKR, will guide the government as it spends up to $250bn purchasing equity stakes in banks. The government also hired Bank of New York Mellon to serve as custodian for the $700 billion bailout.
- IDFC, Blackstone, Citi raise $900m for Indian infrastructure
The Indian Infrastructure Fund, initiated by IDFC and the Indian government, aims to raise $5bn in debt and equity to invest in India's transport, telecommunication infrastructure and power sectors.