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Banking, finance, and taxes

Blackstone Still Able To Close $10 Billion Funds (BX)

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By Douglas A. McIntyre Updated Published
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There was an interesting communication from The Blackstone Group, L.P. (NYSE: BX) this morning and the company issued a press release confirming that data. 

Blackstone announced the closing of Blackstone Real Estate Partners VI.  Its total capital commitments are listed as $10.9 Billion. Maybe borrowing money is much tougher from banks that are trying to keep their liquidity and capital ratios from getting too ugly, but this is more than impressive for a capital raise.  It noted that this now makes nine different real estate funds since its inception and this is creating the largest real estate opportunity fund ever raised.

I placed a call into Blackstone for comment on the specifics of the geographic targets of this fund.  Regardless of where it is, closing a $10+ Billion fund in today’s climate is impressive for any geographic region right now.

We frequently discuss restructurings, activist investor trends, IPO’s, back door plays into IPO’s, SPAC’s, spin-offs, and more on our open email distribution list.

Blackstone shares are almost 3% higher today at $16.33 in mid-daytrading.  While this is still a busted IPO of massive proportions,Blackstone shares are more than 20% north of recent lows ($13.40).

Jon C. Ogg
April 1, 2008

Jon Ogg produces the Special Situation Investing Newsletter and he can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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