November brought a mammoth close for The Blackstone Group‘s fourth fund, which rounded up $4 billion for a first close.
With Credit Suisse First Boston as a placement agent, the New York firm launched Blackstone Capital Partners IV in March. The fund was rumored to have a $4 billion target, but the first close indicates that Blackstone will continue to raise capital.
The firm seeks to invest between $100 million and $400 million per transaction and is known for interests across a broad range of industries. While Fund IV will maintain a general focus, it is likely to invest alongside Blackstone’s $2 billion communications fund, which closed in January, and have an increased focus on European deals.
In August 2000, the firm opened an office in London to oversee its European deal activity and this year launched a EURO600 million real estate fund to focus on Western Europe.