Blackstone Adds $1B

Blackstone Capital Partners last week decided to raise the target of its fifth fund from $13.5 billion to $14.5 billion, PE Week has learned.

Blackstone had no comment, but a source close to the New York City-based firm said Blackstone told its limited partners last week that it would be sending out an amendment reflecting the increased size of the fund. The source says Blackstone feels that it needs a larger fund to compete with the large funds raised by Texas Pacific Group and Kohlberg, Kravis, Roberts & Co.