Blackstone Group announced Monday the final close of its latest global buyout fund, Blackstone Capital Partners VII, at $18 billion, exceeding its $17.5 billion hard cap.
The firm began fundraising for Blackstone Capital Partners VII in November 2014 and held its first close with a record $15.7 billion in May.
The $18 billion total includes a $500 million commitment from Blackstone employees. Portfolio investments are expected to begin in the first quarter of 2016.
There are more than 250 limited partners in the fund, spanning 40 countries.
Investors in Blackstone Capital Partners VII include the $288.1 billion California Public Employees’ Retirement System, Sacramento; $26.5 billion Pennsylvania State Employees’ Retirement System, Harrisburg; Michigan Department of Treasury, Bureau of Investments on behalf of the $67.1 billion Michigan Retirement Systems, Lansing; $175.6 billion Florida State Board of Administration, Tallahassee; and $132 billion Texas Teacher Retirement System, Austin.
Predecessor fund Blackstone Capital Partners VI closed at $16 billion in 2012.
A spokesman could not immediately be reached for additional information.