NEW YORK – (BUSINESS THREAD) – Blackstone (NYSE: BX) today announced the final close of Blackstone Growth (BXG), its first revenue fund for growth. BXG has been oversubscribed and closed at its $ 4.5 billion hard cap – with third-party capital commitments from a wide range of family offices, entrepreneurs, donations, strategic institutional investors, pension funds, high-value individuals and other investors. it is the largest private fund to be acquired for the first time in history.
Blackstone Growth, the global growth stock company of Blackstone, invests in fast-growing companies and helps them expand their potential through the power of the Blackstone platform. Utilizing Blackstone’s extensive industry resources and network, BXG focuses on providing capital to entrepreneurs who need to limit the execution risks associated with high-growth environments.
Since launching its investment in 2020, BXG has already made a number of significant investments, including in the online dating company Bumble which recently offered a successful initial public offering; oat milk pioneer, Oatly; leading enterprise software, ISN; and Epidemic Sound, which delivers restriction-free music to Internet content creators around the world.
Jon Korngold, Global Head of Blackstone Growth, said: “The range of resources, industry expertise and capital that Blackstone can provide to entrepreneurs in the growth stage is a clear distinction. This new approach to growth equity has already created significant value for the companies we support, and we are delighted that it has been well received by a wide range of global investors. We are excited to continue partnerships with entrepreneurs around the world as we help them transform their businesses from regional champions into world leaders in the industry. ”
With the establishment of this business, BXG sought to reinvent investments in stock growth, as it started without burdening a heritage portfolio or an organizational structure that resulted in an excessive number of portfolio companies. BXG believes that its concentrated approach to portfolio construction, which focuses on a much more complex number of companies than is typical of growth equity firms, will enable it to deliver significant operating value to the individual companies in which it invests.
Through BXG, Blackstone’s Growth Entrepreneurs can provide potential access to more than 100 professionals and advisors, a group acquisition program that purchases on behalf of portfolio companies with more than 450,000 employees, a dedicated team responsible for identifying opportunities for its businesses to sell to its global portfolio companies with more than $ 160 billion in combined revenue, more than 880 million square feet of e-commerce logistics assets, its team of dozens of data scientists and insights from 25 offices around the world.
BXG – which has employees in New York, San Francisco and London – seeks to invest in companies with proven business models and the potential to become global market leaders in partnership with Blackstone. BXG’s primary sector focuses on financial services, enterprise and consumer technologies, healthcare and consumers.
About Blackstone
Blackstone is one of the world’s leading investment companies. We want to create positive economic impact and long-term value for our investors, the companies in which we invest and the communities in which we operate. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $ 619 billion assets under management include investment vehicles that focus on private equity, real estate, government debt and equity, life sciences, growth stock, opportunistic, non-investment grade credit, fixed assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.