What has Blackstone’s GP stakes strategy bought so far?

The private equity giant on Tuesday said it will acquire a minority stake in Chicago-headquartered GTCR.

Blackstone, the top-ranked private equity firm according to the PEI 300, said on 27 July that it would acquire a minority stake in Chicago-headquartered GTCR, marking the most recent acquisition for its GP stakes business.

This is the second stake transaction the firm has disclosed this month. Last week, Blackstone acquired a minority stake in mid-market firm Sentinel Capital Partners.

GTCR last year held the final close on its latest flagship, GTCR Fund XIII, on $7.5 billion, according to PEI data.

The partnership will provide GTCR’s portfolio companies with access to Blackstone’s group purchasing programme, according to a statement detailing the partnership.

New York-headquartered Sentinel’s most recent flagship programme is the 2018-vintage $2.15 billion Sentinel Capital Partners VI. It also collected $460 million for its inaugural 2018-vintage credit strategy, Sentinel Junior Capital I.

The two funds that comprise Blackstone’s GP stakes strategy – the 2013-vintage $3.3 billion Strategic Capital Holdings and the 2019-vintage $3.5 billion Strategic Capital Holdings II – sit within the firm’s hedge fund investment group, Blackstone Alternative Asset Management. The debut fund had only invested in hedge fund managers between 2013 and 2016, Private Equity International reported.

Blackstone balanced out its hedge fund exposure in 2017 with an initial investment in Leonard Green Partners. This was followed by investments in Kohlberg and Company, Rockpoint Group and, in its first international stake, Hong-Kong based PAG.

The strategy has attracted LPs such as Alaska Permanent Fund, which committed $500 million, Memorial Sloan-Kettering Cancer Center, State of Michigan Retirement Systems and Cathay Life Insurance, according to PEI data.

Blackstone and a handful of others, including Blue Owl Capital and Goldman Sachs’ Petershill funds, are among the largest players in this type of strategy. Others include Wafra and Azimut Alternative Capital Partners, and recently Apollo Global Management, which this month acquired a stake in fintech specialist Motive Partners.

Here are the firms that Blackstone’s GP stakes strategy has acquired interests in since 2017:

Carmela Mendoza contributed to this report