Blackstone Group has reportedly created a new division to particularly attract wealthy families and HNWIs with at least US$10 million to invest.
Called Blackstone Total Alternatives Solution Advisors, the new division is initially seeking clients for a fund of funds that will invest in the firm’s buyout, real estate, credit and hedge funds, Bloomberg has reported.
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It will mostly raise money from HNWIs and family offices and generally require a commitment of at least US$10 million. However, proposed fees weren’t disclosed.
"The greatest opportunity for us was in the private wealth space," Brendan Boyle, a senior managing director, said at the firm’s investor conference last month in New York.
Private wealth accounted for about US$33 billion of Blackstone’s assets as of March. That’s up from US$10 billion at the end of 2010, when it was 8% of assets, Boyle was quoted as saying by Bloomberg.
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