© Reuters. FILE PHOTO: Signage is seen exterior The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Picture
(Reuters) – Blackstone (NYSE:) Inc has warned of attainable delays to the launch of a brand new personal fairness fund designed for rich people, because it copes with heavy investor withdrawals at two different funds in actual property and credit score geared toward an analogous clientele, the Monetary Occasions reported on Saturday.
The New York-based funding supervisor has been making ready to open a fund known as the Blackstone Non-public Fairness Methods Fund (BXPE), the report mentioned, including that might turn out to be its flagship technique for wealthy people to take part in its personal fairness enterprise.
The asset supervisor in latest days knowledgeable rich buyers and their monetary advisers that it might watch for fundraising situations and monetary markets to enhance earlier than launching BXPE, the newspaper mentioned, citing individuals aware of the matter.
The shoppers of Blackstone’s different “retail” merchandise anticipated the fund to be launched by early 2023, FT mentioned.
Blackstone declined to touch upon the report.
The asset supervisor earlier this month restricted withdrawals from its $69 billion actual property revenue belief (REIT) after receiving too many redemption requests.