Firm: Blackstone Group
Fund: Tactical Opportunities Fund
Amount Raised: $5.6 bln
The vehicle, which drew in $510 million during the first quarter before closing in March, is run by Blackstone Group executive David Blitzer, who started the group in 2012. Peter Rose, a Blackstone Group spokesperson, confirmed to sister website peHUB that the fund is closed to new commitments.
“To have the ability and flexibility to play across the entire spectrum is something the market was missing and we felt Blackstone would be well-suited for that kind of flexible fund,” Blitzer said during a speech at Columbia Business School’s Private Equity and Venture Capital conference earlier this year.
Money for the fund came through separate accounts designed for large institutional investors, including state pension systems in New Jersey and California. Blitzer’s team also collected smaller commitments through a fund with a more conventional private equity-like structure.
Last year the Tactical Opportunities Fund team invested alongside Greek shipping company Eletson Holdings to create a $700 million liquid petroleum shipping company. The year before, the team bought a controlling stake from Goldman Sachs in Wireless Capital Partners, a financial services company that specializes in the acquisition of cellular site leases. Another portfolio company in the fund, B2R Finance, provides loans to rental property investors.
Chris Witkowsky is editor of sister website peHUB.