(Reuters) – Blackstone Inc has warned of possible delays to the launch of a recent private equity fund designed for wealthy individuals, because it copes with heavy investor withdrawals at two other funds in real estate and credit geared toward the same clientele, the Financial Times reported on Saturday.
The Latest York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund (BXPE), the report said, adding that might turn out to be its flagship strategy for wealthy individuals to take part in its private equity business.
The asset manager in recent days informed wealthy investors and their financial advisers that it might wait for fundraising conditions and financial markets to enhance before launching BXPE, the newspaper said, citing people aware of the matter.
The clients of Blackstone’s other “retail” products expected the fund to be launched by early 2023, FT said.
Blackstone declined to comment on the report.
The asset manager earlier this month limited withdrawals from its $69 billion real estate income trust (REIT) after receiving too many redemption requests.
(Reporting by Lavanya Ahire in Bengaluru; Editing by Matthew Lewis)
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