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Blackstone, GSAM acquire interest in tech-oriented private equity firm

Blackstone Group and Goldman Sachs Asset Management jointly acquired a minority stake in technology-focused private equity firm Francisco Partners, said Paula Chirhart, Blackstone Group spokeswoman.

Blackstone made the investment through its open-end fund Blackstone Strategic Capital Holdings Fund. GSAM invested through its Petershill program. Blackstone and Goldman Sachs will jointly own a less than 10% interest in Francisco Partners, said sources familiar with the transaction. Other terms of the deal are not being disclosed.

This is the first time Blackstone has joined with another manager to take a minority stake in an alternative investment firm, said sources familiar with the matter. Goldman Sachs' Petershill unit in June joined with Dyal Capital and Landmark Partners to buy a minority interest in private equity firm Clearlake Capital Group.

"We have incredible limited partners and now we are proud to bring on two strategic partners in Blackstone and Goldman Sachs to help us continue to grow our platform so that we can build on the success of the past 20 years," said Dipanjan "DJ" Deb, co-founder and CEO of Francisco Partners, in a news release.

Patrick J. Scanlan, GSAM spokesman declined to comment beyond the news release.