Blackstone Announces $4.5 Billion Final Close of Blackstone Growth (BXG) Fund, Largest First-time Growth Equity Vehicle in Hi...
March 19 2021 - 8:07AM
Business Wire
BXG Investments Include Bumble, Oatly, ISN, and Epidemic Sound,
Seeks to Help Fast-growing Companies Expand into Global Leaders
through Power of the Blackstone Platform
Blackstone (NYSE: BX) today announced the final close of
Blackstone Growth (BXG), its inaugural growth equity fund. BXG was
oversubscribed and closed at its hard cap of $4.5 billion – with
third-party capital commitments from a wide range of family
offices, entrepreneurs, endowments, strategic institutional
investors, pension funds, high-net-worth individuals, and other
investors – making it the largest first-time growth equity private
fund raised in history.
Blackstone Growth, Blackstone’s global growth equity business,
invests in fast-growing companies, helping them expand their
potential through the power of the Blackstone platform. Leveraging
Blackstone’s extensive operational resources and network, BXG
focuses on providing capital to entrepreneurs seeking to minimize
the execution risks associated with high-growth environments.
Since it began investing in 2020, BXG has already made a number
of significant investments, including in the online dating company
Bumble that recently completed a successful initial public
offering; oat milk pioneer, Oatly; leading enterprise software
business, ISN; and, Epidemic Sound, which delivers restriction-free
music to internet content creators across the globe.
Jon Korngold, Global Head of Blackstone Growth, said: “The scale
of the resources, operational expertise, and capital that
Blackstone can deliver to growth-stage entrepreneurs is a clear
differentiator. This new approach to growth equity has already
created significant value for the companies we’ve backed, 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 into global industry
leaders.”
In establishing this business, BXG has sought to reimagine
growth equity investing given it began without the encumbrances of
a legacy portfolio or an organizational structure that results in
an excessive number of portfolio companies. BXG believes that its
concentrated approach to portfolio construction, which focuses on a
far more curated number of companies than what is typical of growth
equity firms, will allow it to deliver more significant operational
value to the individual companies in which it invests.
Through BXG, Blackstone can offer growth-stage entrepreneurs
potential access to its more than 100 operating professionals and
advisors, a group procurement program that purchases on behalf of
portfolio companies with more than 450,000 employees, a dedicated
team responsible for identifying opportunities for its businesses
to sell to its global portfolio companies with more than $160
billion of combined revenue, more than 880 million square feet of
eCommerce logistics assets, its team of dozens of data scientists,
and insights gleaned from 25 offices throughout the world.
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, Enterprise and Consumer Technologies,
Healthcare, and Consumer.
About Blackstone
Blackstone is one of the world’s leading investment firms. 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 by using extraordinary people and flexible
capital to help companies solve problems. Our $619 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity, life sciences,
growth equity, opportunistic, non-investment grade credit, real
assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
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version on businesswire.com: https://www.businesswire.com/news/home/20210319005266/en/
Matt Anderson 212-390-2472 matthew.anderson@blackstone.com
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