Blackstone Lays Groundwork for Third Long-Term Buyout Fund

Blackstone Inc. has begun preparing to raise money for the third iteration of its private equity fund that holds assets for longer than its typical investments.

The firm has signaled to investors it plans to begin making a formal fundraising pitch for the latest version of its core private equity fund sometime this year, according to people familiar with the matter. The new fund will aim to invest in eight to 10 companies and write checks of approximately $800 million to $1 billion, the people said, asking not to be identified discussing non-public information.