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...Blackstone’s flagship property fund failed to generate enough cash to cover its dividend last year, putting strain on a vehicle the private capital group views as a beachhead in the retail investor marketplace...
...The US alternative asset manager has told investors it will wind down the Blackstone Diversified Multi-Strategy fund by the end of the year, the group told the Financial Times....
...Blackstone over the weekend made a proposal to the company’s board to acquire the music rights group for $1.24 per share in cash to try to derail the recommended offer from Concord....
...Blackstone has won the backing of Hipgnosis Songs Fund’s board as the US private equity group seeks to derail Concord Chorus’s proposed $1.4bn takeover of the UK-listed music rights investment company Blackstone...
...It doesn’t happen overnight,” Jonathan Gray, president of Blackstone, told the Financial Times in an interview....
...It underscores the financial risk Blackstone assumed to draw UC’s investment by promising high returns on property investments hit by rising interest rates....
...The group, which has $90bn in market capitalisation, is turning into a financial superstore of private market investments that has expanded far beyond buyouts....
...His comments came as Blackstone posted mixed fourth-quarter earnings that reflect the fragile state of financial markets, particularly in leveraged private investments where the New York-based group is a...
...“London”, championing the group’s commitment to the city....
...The Financial Times reported last month that Blackstone has built a $560mn liability to the US as a result of its return promise after the fund lost value last year....
...Joseph Baratta, the head of Blackstone’s private equity unit, and Michael Chae, its chief financial officer, each received about $50mn in 2023, with nearly half coming from dividends....
...Unsurprisingly, this group is led by another co-founder, Rolly Van Rappard, who will chair the listed entity when it’s public....
...But Blackstone said that rallying financial markets would finally pave the way for IPOs, M&A and cash-outs in 2024. Blackstone’s marked returns by asset class also proved interesting....
...Blackstone president Jonathan Gray told the Financial Times last May the world’s largest private capital group — which has $1tn of assets under management — could become a “valuable partner” to banks looking...
...Gray likened the current opportunity to the years immediately after the financial crisis when Blackstone ploughed billions into PE and commercial real estate bets as the financial fallout of 2008 continued...
...This week, Blackstone announced that its latest retail product, BXPE, had initially raised more than $1bn....
...It created a so-called Blackstone University to provide educational materials to investors and their financial advisers....
...Gucci owner Kering has bought a retail block on Milan’s top shopping street from Blackstone for €1.3bn in Europe’s biggest property deals for two years, as intense demand from luxury groups helps high-end...
...Ladbrokes owner Entain has tapped Stella David as the group’s new chair. She is currently the group’s interim chief executive, and will be replacing Barry Gibson....
...Is the financial titan at risk of getting burnt?...
...Blackstone concluded a deal to buy another set of logistics properties from Swedish landlord Corem for €490mn. Like many Nordic real estate groups, Corem has been seeking to pay down its debt....
...Build with Blackstone! We lead in private equity (it‘s true)Real estate, and secondaries (credit too)It’s the alternatives eraOh oh oh! Build with Blackstone!...
...It plans to build a range of more liquid investment strategies, following US groups such as Blackstone that have raised billions of dollars adopting this approach....
...Blackstone has a financial exposure to the trust....
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