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March 27, 2018

Blackstone purchases minority stakes in two investment firms

American investment firm Blackstone has bought passive minority stakes in New York-based private equity firm Kohlberg & Company and Hong Kong-based alternative asset manager PAG for an undisclosed sum.

Blackstone will make both the investments through its Strategic Capital Holdings Fund, which is part of the Blackstone Alternative Asset Management (BAAM) division and specialises in purchasing stakes in asset managers.

PAG focuses on private equity, absolute return and real estate strategies. The firm, set up in 2002, oversees $20bn in capital.

BAAM head of strategic capital group Scott Soussa said: “As a diversified asset manager operating in an attractive region, we believe PAG is well positioned for growth.

“The firm’s experienced team of investment professionals, extensive industry relationships, differentiated sourcing networks and disciplined investment approach makes it a compelling investment opportunity for Blackstone.”

Kohlberg focuses on middle market investing. The firm will use the investment from Blackstone to support its investing platforms.

“With a strong track record of investing over three decades, Kohlberg has established itself as a clear leader in middle market private equity. The firm’s experienced management team, deep bench of investing talent and differentiated value creation model positions it well for continued growth, and we look forward to partnering with them in the years ahead,” Soussa noted.

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