Blackstone Group closed its inaugural growth equity fund, Blackstone Growth, at $4.5 billion, the alternative money manager said Friday in a news release.
The fund was oversubscribed and closed at its hard cap. Blackstone said in the news release it is the largest inaugural growth equity fund in history.
"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," said Jon Korngold, senior managing director and global head of Blackstone Growth, in the news release. "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."
Blackstone launched its growth equity business, known as BXG, in 2019 and focuses on "providing capital to entrepreneurs seeking to minimize the execution risks associated with high-growth environments," the news release said.
Investors include the $114.1 billion Minnesota State Board of Investment, St. Paul.
Blackstone Group has $619 billion in assets under management.
A Blackstone spokesman could not immediately provide further information.