Blackstone has closed its Blackstone Growth (BXG), the firm’s inaugural growth equity fund. BXG was oversubscribed and closed at its hard cap of $4.5 billion. The fund is the largest first-time growth equity private fund raised in history.
Real estate magnate and billionaires Stephen Schwarzman is the founder of Blackstone. Schwarzman is known for his philanthropy having given away hundreds of millions to education institutions over the year. In 2018 he gave $10 million to Israel’s National Library. The library which includes the world’s largest assemblage of Jewish texts includes materials about Islam and the Middle East. According to Forbes, he is currently worth $23.4 billion.
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Mr. Schwarzman is also a supporter of the Republican Party and donated a lot of money to Donald Trump’s presidential campaigns. He is said to have donated $3 million to America First Action, a super-PAC which supported resident Trump’s reelection campaign. In total he donated $30 million to Republican campaigns in 2020.
Blackstone Growth, Blackstone’s global growth equity business, declares that it 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.
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.”
Through BXG, Blackstone can says it 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.
