NEW YORK–(BUSINESS WIRE) – Blackstone (NYSE: BX) today announced the final closure of Blackstone Growth (BXG), its inaugural growth stock fund. BXG was over-subscribed and closed at its rigid $ 4.5 billion limit – with third party capital commitments from a wide range of family offices, entrepreneurs, endowments, strategic institutional investors, pension funds, high-net worth individuals net and other investors – making is the largest private equity fund in growth for the first time raised in history.
Blackstone Growth, Blackstone’s global growth capital business, invests in fast-growing companies, helping them expand their potential through the power of the Blackstone platform. Taking advantage of Blackstone’s extensive operational resources and network, BXG focuses on providing capital to entrepreneurs looking to minimize the execution risks associated with high growth environments.
Since starting to invest in 2020, BXG has made a number of significant investments, including in online dating company Bumble, which recently completed a successful initial public offering; oat milk pioneer, Oatly; leading enterprise software company, ISN; and, Epidemic Sound, which offers unrestricted music to Internet content creators around the world.
Jon Korngold, Blackstone’s global head of growth, said: “The scale of resources, operational experience and capital that Blackstone can provide for entrepreneurs in the growth stage is a clear differentiator. This new approach to growth equity has already created significant value for the companies we support, and we are pleased that it has been well received by a wide range of global investors. We are excited to continue partnering with entrepreneurs around the world, as we help them transform their businesses from regional champions to global industry leaders. ”
In establishing this business, BXG sought to reimagine investment in growth equity, given that it started without the burden of a legacy portfolio or an organizational structure that results in an excessive number of portfolio companies. BXG believes that its focused approach to portfolio building, which focuses on a much more curated number of companies than is typical of growth equity companies, will allow it to provide more significant operational value to the individual companies in which it operates. invests.
Through BXG, Blackstone can offer growing entrepreneurs potential access to its more than 100 operating professionals and consultants, a group acquisition program that buys on behalf of portfolio companies with more than 450,000 employees, a dedicated team responsible for identifying opportunities for its business sells to its global portfolio companies with more than $ 160 billion of combined revenue, more than 880 million square feet of e-commerce logistics assets, its team of dozens of data scientists and insights gained in 25 offices worldwide.
BXG – which has employees based in New York, San Francisco and London – seeks to invest in companies with proven business models and with the potential to become global market leaders in partnership with Blackstone. BXG’s primary sector focuses include Financial Services, Business and Consumer Technologies, Health and Consumption.
About Blackstone
Blackstone is one of the world’s leading investment companies. We seek to create positive economic impact and long-term value for our investors, the companies we invest in and the communities in which we work. We do this using extraordinary people and flexible capital to help companies solve problems. Our $ 619 billion in managed assets includes investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic credit, no investment grade, real assets and secondary funds, all on a global basis . More information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.