Blackstone has warned of possible delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele.
The New York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund, or BXPE, that would become its flagship strategy for rich individuals to participate in its private equity business. Blackstone has historically catered to institutional clients such as pension funds.
Blackstone has in recent days informed wealthy investors and their financial advisers that it may wait for fundraising conditions and financial markets to improve before launching BXPE, according to people familiar with the matter. Clients of Blackstone’s other “retail” products told the Financial Times they had expected the fund to be launched by early 2023.