Blackstone raised the industry’s largest-ever fund in October, amassing $26.2 billion including $1.7 billion of management fees for its flagship private equity Blackstone Capital Partners VIII fund last year.
The LP base of the firm’s buyout vehicles has evolved since its debut 1987-vintage vehicle. US university endowments such as University of Texas Investment Management Co and J Paul Getty Trust were LPs in Blackstone Capital Partners I, which raised $810 million. BCP VIII, meanwhile, picked up significant LP commitments from Asian investors including China Life Insurance Company (Taiwan) and Cathay Life Insurance, according to PEI data.
US pensions continue to account for the lion’s share of Blackstone’s capital raises.
Among the firm’s repeat and heavyweight backers are the California State Teachers’ Retirement System and the California Public Employees’ Retirement System, each contributing a whopping $750 million to BCP VIII, each representing almost 3 percent of the mammoth fund.
These capital commitments are approximately $250 million more than their commitments in BCP VII, according to PEI data.
Here are the largest disclosed LP commitments in Blackstone’s buyout funds.