The Blackstone Group Inc, an American multinational investment fund, decided to buy a share in its competitive British BC Partners, the owner of the United Group, the London-based Financial Times (FT) reported on Friday.
The FT sources say that the Blackstone Group Inc., which manages the majority of the British fund’s assets, has agreed to acquire 10 to 15 percent of the BC Partners' shares.
Scott Soussa, Head of BAAM’s Strategic Capital Group, said, “BC Partners has a three-decade track record investing across sectors and geographies.
This, combined with the strength of their people and processes, has allowed the firm to earn the trust of a diverse set of LPs around the world. We look forward to helping enable their continued growth in private equity, as well as their further expansion into newer areas like real estate and private credit.”
Raymond Svider, Partner and Chairman of BC Partners, said: “This investment is a testament to the growth and institutionalization of our business, and will enable us to take the Firm to the next level for the benefit of our investors. We look forward to leveraging Blackstone’s best-in-class resources and exceptional talent as we look to expand and strengthen our platform across our three key verticals.”
The company is known for managing investments as a special category within its Strategic Group for capital, and such an acquisition is not unusual.
The American media report that Blackstone Inc., founded in 1985, manages over $470 billion worth assets.
Stephen Allen Schwarzman is an American businessman, philanthropist and one of the company's founders, its chairman and CEO, and also an advisor to the US President Donald Trump.
Schwarzman donates hundreds of million Dollars in humanitarian purposes.
Last year, he gave the Technological Institute in Massachusetts $ 350 million, while this year he donated £ 150 million to the Oxford University for founding the Schwarzman Center for Human Sciences.
In 2014 and 2016, Bloomberg listed him among 50 most influential people in the world.