Blackstone closes over target.The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, announced the final closing of its Blackstone Blackstone, river, c.50 mi (80 km) long, rising near Worcester, Mass., and flowing SE to Narragansett Bay at Providence, R.I. The river's clean water was a major factor in the early development of the area's textile industry. Real Estate Partners IV (BREP BREP Boundary Representation BREP Bug Reporting IV) on April 30, 2004, the fifth real estate fund to be raised by the New York-based private investment firm. With BREP IV's capital commitments from third party investors added to the firm's own commitments, the fund totals $2.05 billion and substantially exceeds its initial target of $1.5 billion. The fund's investors include numerous existing Blackstone clients and over 30 first-time partners, including a wide range pension funds, financial institutions and high net worth individuals. Previous funds include Blackstone Real Estate Partners III (BREP III), which closed in 1999 and Blackstone Real Estate Partners International (BREP International), which closed in 2002, with commitments of $1.5 billion and * 800 million respectively. "We are delighted by the continued show of support from our partners, and their welcome vote of confidence in the group's ability to identify and conclude highly profitable transactions," said Stephen A. Schwarzman Stephen A. Schwarzman (born 14 February 1947) is the Chairman and co-founder of the Blackstone Group private-equity firm. Early life and education Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Blackstone Group. Since the inception of BREP IV's investment period in April 2003, Blackstone has invested approximately $460 million in eight separate investments. The fund's investment period will terminate on October 2, 2007. |
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