Blackstone Bows Out of Power Struggle for Billionaire Cheng Family’s New World

Welcome to Going Private, I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at the private capital fight to control a £1.3 trillion UK pensions bounty, insurers’ increasing appetite for higher-risk alternative debt and the new-fangled credit vehicles that are stoking memories of 2008. But first we look at Blackstone’s ill-fated bid to do business with one of Hong Kong’s most illustrious dynasties. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net

Blackstone has ditched a proposed $4 billion tie-up with New World Development Co. after the billionaire Cheng family stalled on a decision to cede control, people familiar with the matter said.