Blackstone launches first multi-asset private markets fund for non-US investors

Blackstone has launched its first multi-asset private markets fund aimed at individual investors outside the US, expanding the alternative asset manager’s efforts to bring private-market strategies to the global wealth market, according to a report by Bloomberg.

The Blackstone Private Markets Fund, known as BXPM, is structured as a perpetual vehicle with no fixed termination date and is expected to allow investors to request quarterly withdrawals of up to 3% of net asset value, according to Blackstone’s investor materials.

Around half of the fund’s capital is expected to be allocated to Blackstone’s private equity strategy, which has investments in companies including SpaceX, Anthropic and OpenAI. The remainder will be invested across the firm’s infrastructure, real estate and private credit strategies.

The launch represents another step in Blackstone’s push to expand its private-markets offering beyond institutional investors and into the rapidly growing individual wealth segment.

Blackstone’s wealth-management business had approximately $324bn in assets under management as of 30 June, representing roughly a quarter of the firm’s overall assets. The new vehicle adds to a range of products designed to give individual investors access to asset classes that have traditionally been dominated by pension funds, endowments and other institutions.

Blackstone is following other major alternative asset managers, including Apollo Global Management and KKR, in developing perpetual private-market funds for individual investors. Such vehicles generally provide periodic liquidity rather than requiring investors to wait for a traditional fund’s fixed investment term to end.

BXPM’s quarterly redemption provision is not guaranteed, Blackstone cautioned in its investor materials, and the fund warns investors that they could lose capital.

The fund will accept initial investments of as little as $10,000, lowering the entry point for individual investors seeking exposure to a diversified portfolio of Blackstone’s private-market strategies.

Rashmi Madan, Blackstone’s global head of portfolio solutions, has been appointed chief executive of the new fund.