Blackstone making bets on permanent investment funds

“We love to hold our winners”: James

July 20, 2017 | By Konrad Putzier | The Real Deal

The Blackstone Group plans to focus more of its fundraising on long-term investment funds, the firm said during an earnings call Thursday.

“We love to hold our winners,” Blackstone’s president Tony James said. “Generally speaking we see us moving more and more towards permanent capital vehicles.”

Traditionally, Blackstone has invested in real estate with money from its closed-ended, opportunistic funds — vehicles with a fixed lifespan that require the firm to sell properties a few years after buying them to return cash to investors. But in 2014 it launched its first open-ended core-plus real estate fund, which does not have a fixed end date and focuses on more low-risk assets.

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