Blackstone gets a $5b vote of confidence from investors.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 closing of Blackstone Real Estate Partners V (BREP BREP Boundary Representation BREP Bug Reporting V) with capital commitments totaling $5.25 billion creating the largest real estate opportunity fund ever raised. With BREP International II, which closed on 1.55 billion at the end of last year, Blackstone now has over $7 billion of available capital, the world's largest pool of capital for real estate opportunity investing. The firm has raised a total of seven real estate funds since inception, five for general investing and two with a specific focus on Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). , with total capital of approximately $12.7 billion. Blackstone's Real Estate group numbers more than 40 investment and asset management professionals with broad experience across most real estate categories including hotels, office, residential, retail, and other commercial properties. In the past two years Blackstone has completed ten public to private transactions including Wyndham, La Quinta A division of Seagate that was originally an acquisition and then absorbed into the company by 1999. Quinta was the developer of Optically Assisted Winchester (OAW) technology. See OAW. , Meristar, NHP NHP Non-Human Primate NHP Natural Health Product NHP Nevada Highway Patrol NHP National Historic Park NHP Nottingham Health Profile NHP National Health Plan NHP Nursing Home Placement NHP Nominal Horsepower NHP Not-Hot Plug (server) , Hospitality Europe, and CarrAmerica. Over the past twelve years the group has completed more than 180 separate investments in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe with a total transaction value of approximately $50 billion. Jonathan Gray, senior managing director and New York-based co-head of Blackstone's Real Estate group, said "We are delighted by this very significant vote of confidence from our investors in our group's ability to identify and complete profitable transactions." Park Hill Real Estate Group acted as placement agent in the raising of Blackstone Real Estate Partners V. |
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