Blackstone raises $5 billion for its 2nd fund
Blackstone Group had raised $5 billion from investors for its second rescue lending fund. The new fund, GSO Capital Solutions Fund II, was oversubscribed by investors and proved more popular than its first such fund.Blackstone Group's first fund raised more than $3.25 billion in 2010. Unlike banks that often rely on their balance sheets for proprietary trading and investing, Blackstone and other alternative asset managers have at their disposal long-dated capital they have raised from pension funds, insurance firms and other institutional investors.
GSO has deployed to date more than $4 billion in lending to distressed companies facing liquidity issues, with a focus on North America and Western Europe, Blackstone said.
Credit assets accounted for $62.2 billion of Blackstone's total assets under management of $229.6 billion as of the end of June. Real estate accounted for $63.9 billion, private equity for $53.3 billion and hedge fund assets for $50.1 billion. ■
