Blackstone Plans Fund for People With Millions Not Billions
- Project codenamed “BXPE” seeks to build massive war chests
- It’s part of Jon Gray’s push to fundraise beyond institutions
Jon Gray
Photographer: Demetrius Freeman/BloombergThis article is for subscribers only.
Dentists, surgeons and other suburban millionaires don’t loom large on the client rosters of buyout funds run by the most elite investment firms.
But inside Blackstone Inc., plans are afoot to develop its first private equity fund targeting such individuals as part of a project codenamed “BXPE.” The goal: build new war chests that would eventually gather tens of billions of dollars to invest in deals piped in from various Blackstone teams, according to people with familiar of the matter.