Blackstone looks to sell $2bn of stakes in private investment funds - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
商业快报

Blackstone looks to sell $2bn of stakes in private investment funds

One of the biggest deals of its kind will test investor appetite for ageing private equity vehicles
00:00

{"text":[[{"start":9.25,"text":"Blackstone is attempting to offload more than $2bn of stakes it holds in private investment funds in one of the biggest deals of its kind, offering a test of investors’ appetite for ageing private equity vehicles."}],[{"start":22.8,"text":"The New York-based firm is marketing a so-called collateralised fund obligation that will bundle more than $2bn of stakes in leveraged buyout funds into bonds to sell to investors and insurers, according to people familiar with the matter. "}],[{"start":37.65,"text":"The deal would provide an infusion of cash to investors in a Blackstone Strategic Partners fund, the firm’s unit that invests in other private equity groups’ funds. It is unclear if Blackstone will ultimately go ahead with the securitisation or seek to sell the stakes in a secondary transaction, one person briefed on the matter said. "}],[{"start":58.349999999999994,"text":"Blackstone declined to comment. Jefferies, which is advising on the deal, did not respond to a request for comment."}],[{"start":65.25,"text":"The sale comes during a prolonged downturn for the private investment industry, as buyout groups struggle to exit investments and return cash to the endowments, pensions and sovereign wealth funds that had committed trillions of dollars to private funds. "}],[{"start":80.55,"text":"The buyout industry is sitting on $4tn of unsold assets, with private equity groups struggling to offload investments they made between 2020 and 2022 when interest rates were slashed to zero. "}],[{"start":94.05,"text":"In the ensuing years, the industry was buffeted by central banks’ decisions to raise interest rates, as well as weaker valuations on some of the companies for which they paid top dollar. Market turbulence over tariffs in 2025 and the war in Iran earlier this year also damped sales and flotations of highly leveraged private-equity-backed companies."}],[{"start":116.1,"text":"Large secondary stake investors, a cohort that includes Blackstone, Carlyle’s AlpInvest unit and Franklin Templeton’s Lexington Partners, have increasingly packaged their stakes up into bonds to sell them on to investors who prefer to own securities graded by a credit-rating agency. "}],[{"start":132.6,"text":"Those investors are typically managing money on behalf of insurers which, through securitised and privately rated assets, are helping fuel the growth of the private capital industry. "}],[{"start":143.04999999999998,"text":"The vehicles, which are sliced and diced to give investors exposure to different levels of risk and return, have boomed. Issuance of CFOs soared to a record of $25.9bn last year from a modest $4.8bn in 2021, according to credit rating agency KBRA."}],[{"start":162.14999999999998,"text":"At $2bn, Blackstone’s deal would be one of the largest in the market, coming a year after Carlyle closed on a $1.25bn transaction that it said was the largest publicly rated CFO on record. Coller Capital also raised $2.4bn from Barings and Ares Management for a private structured funding vehicle last April."}],[{"start":183.95,"text":"Blackstone was still early in marketing and structuring the transaction and it was unclear how demand for the riskiest portion of the deal — the equity tranche of the CFO — would materialise, a person familiar with the deal said."}],[{"start":196.7,"text":"The surge in CFO issuance hadprompted investors to be more selective, and recent deals have taken longer to garner demand, a second person said. "}],[{"start":213.45,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780915178_1529.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

谷歌为Anthropic打造的2000亿美元华尔街融资机器

私募信贷、芯片租赁和数据中心担保,支撑起AI支出的全新庞大模式。

“日元干预”等于“美国自保”

美国联手日本支撑日元,不只是出于盟友情谊,更是为了避免日本加息或美国国债遭抛售、导致美债收益率进一步走高。

“诅咒之岛”:科技游民与诈骗犯藏身的千亿美元奢华开发项目

警方的突击搜查再次打击了马来西亚陷入困境的中资“森林城市”项目的声誉。

问题不在因凡蒂诺

马杜罗:应该将国际足联的监管职能与商业活动分开,其治理应真正做到包容并具有代表性,监督必须真正独立。

俄罗斯扩大“影子”液化天然气船队,应对欧盟禁令

随着明年制裁进一步收紧,越来越多的“影子”船舶将帮助俄罗斯继续出口液化天然气。

阿斯利康与百时美施贵宝:大药企有时也不够大

当资产负债表规模扩大、能够押注潜在重磅药物时,规模才会带来优势。
设置字号×
最小
较小
默认
较大
最大
分享×