Blackstone Alternative Asset Management agreed to acquire a minority stake in European private equity and real estate manager BC Partners, a spokeswoman said.
Terms of the transaction, which is still subject to relevant approvals, were not disclosed.
Blackstone's investment will provide BC, which has €22 billion ($24 billion) in assets under management, with capital to further invest in its business and expand its capabilities.
"This investment is a testament to the growth and institutionalization of our business, and will enable us to take the firm to the next level for the benefit of our investors," said Raymond Svider, partner and chairman of BC Partners, in a news release. "We look forward to leveraging Blackstone's best-in-class resources and exceptional talent as we look to expand and strengthen our platform across our three key verticals."
Scott Soussa, head of Blackstone AAM's strategic capital group, which executed the acquisition, added in the release: "BC Partners has a three-decade track record investing across sectors and geographies. This, combined with the strength of their people and processes, has allowed the firm to earn the trust of a diverse set of LPs around the world. We look forward to helping enable their continued growth in private equity, as well as their further expansion into newer areas like real estate and private credit."
Simpson Thacher & Bartlett provided legal counsel to BC Partners; Kirkland & Ellis LLP served as legal counsel to Blackstone. Evercore also advised BC Partners.
Blackstone Alternative Asset Management has $81 billion in assets under management.