New York-based Blackstone Group reported Tuesday the closing of the Blackstone Capital Partners V fund at $15.6 billion, marking the world’s largest private equity investment fund.
The fund’s closing soared past the expected total commitments of $14.5 billion and doubled the firm’s previous fund, Blackstone Capital Partners IV, which closed in 2002.
Blackstone said the new fund has already committed roughly a quarter of its capital to investments in Netherlands-based VNU NV, Michaels Stores Inc., Cendant Corp.’s Travelport unit, Encore Medical Corp., U.K.-based Center Parcs, Emcure Pharmaceuticals of India and Deutsche Telekom AG.
Blackstone says the fund will focus its investments on a range of sectors world wide.
UK-based private equity firm Permira announced that it had closed a new fund last week at a reported $12.8 billion but additional commitments could bring the total to $14 billion, which would make it the No. 2 fund.