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)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,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。

AI股票泡沫终于要破裂了吗?

马丁:任何理性的人都能看出AI资产中不可持续的迹象。

埃森哲与“四大”瞄准中型企业市场谋增长

随着AI释放人力、降低服务成本,咨询巨头纷纷将目光投向规模较小的企业,希望以更低价格提供服务。

法拉奇:“我从未支持无休止的战争”

英国改革党领导人在美国共和党中期选举惨败后淡化了自己对伊朗战争的支持。

“蓝色浪潮”对美国经济变革的期待恐将落空

艾肯格林:美国国会的党派构成发生变化,对特朗普剩余任期内的政策制定影响不大。

民主党横扫中期选举,华尔街大金主押注失利

顶级对冲基金经理和私募股权投资公司高管为共和党竞选活动投入逾3亿美元,却几乎未见成效。
19小时前

美国的清晨,市场的黄昏

罗奇:美国中期选举结果再令人震惊,也阻止不了经济金融周期的转向。
设置字号×
最小
较小
默认
较大
最大
分享×