Blackstone: BXPE?
Any insight into the BXPE team at Blackstone (Blackstone Private Equity Strategies). Seems like a perpetual fund for retail investors, but it invests across all the Blackstone Private Equity strategies?
Is this a good group (it seems new)? AUM is much smaller than BCP or BTO so is this less "well regarded" within the firm? Attracts not as good talent? And how would exits be or is discussing this stupid and moot because blackstone private equity is still blackstone pe?
Based on the most helpful WSO content, Blackstone's BXPE team appears to be a newer initiative aimed at retail investors, structured as a perpetual fund that invests across Blackstone's various private equity strategies. While its AUM is smaller compared to flagship funds like BCP (Blackstone Capital Partners) or BTO (Blackstone Tactical Opportunities), it still benefits from the overarching Blackstone brand and resources.
In terms of internal perception, smaller AUM and a retail focus might make it slightly less prestigious compared to the flagship funds. However, it's still part of Blackstone Private Equity, which carries significant weight in the industry. Talent quality might vary slightly, but the Blackstone name ensures a high baseline of competence and reputation.
As for exits, being part of Blackstone PE, even in a newer or smaller group, is still a strong credential. Exit opportunities would likely remain robust, as the Blackstone brand is highly regarded across the finance world. Discussing exits isn't moot—it's a valid consideration, and BXPE should still provide solid options, though perhaps not as elite as BCP or BTO.
Sources: Bain Capital PE vs PJT RSSG, Blackstone Strategic Partners in 2019?, Point 72 vs Blackstone, Former PE associate's perspective on these "megafunds", https://www.wallstreetoasis.com/forum/private-equity/blackstone-pe-culture?customgpt=1
Bump
It is a fund of fund, without the additional second layover of fees that most fund of funds will have. An investment into BXPE gets distributed throughout the entire Blackstone private equity platform from early stage all the way to late stage and in between such as corporate buyout, secondaries, and coinvestments. Blackstone has such a strong platform, that all the capital can stay within blackstone so the end investor doesn't have to pay twice.
If you were to be an "investor" on BXPE the background is no where near the caliber of the traditional PE folks. You would be helping allocate capital to the other blackstone strategies. I'm sure this fund will raise billions of dollars, so the sales team, at Blackstone private wealth solutions will surely like the fund.
This is false - they are building out a new team for BXPE, which is to focus on Mid market deals (this is in response to KKR’s new mid market fund)
so you will be a regular PE investor
This seems to be the case.
Source: MM Banker who has had various discussions with the BXPE guys across deals.
This is basically the right way to put it, it’s an overlay strategy that allocates retail money across the various PE strategies at BX. Callie buyout, growth, tacops, life sciences, whatever else they’re up to.
Not sure what the BXPE team is actually doing besides (1) fund raising via retail and (2) piggy backing on the deployment opportunities the actual PE investors had BX sourced and lined up.
I disagree with you. From their site:
BXPE seeks to provide qualified individual investors broad exposure to Blackstone’s private equity platform and its 15+ strategies through a single fund.1
BXPE’s sponsor, Blackstone, is the world’s largest alternative asset manager with more than $1.1 trillion in assets under management (“AUM”) and has the world’s largest private equity platform with $352 billion in AUM.2,3
Well given you’re getting your information off their website, you must be in the know.
additionally, it looks like an Evergreen fund, not a drawdown. It operates with an NAV. The cash invested gets deployed right away. I do not believe there is a separate deal team that invests BXPE in external opportunities, but rather alongside the main institutional funds.
Have seen bios of MDs there who were previously in the BCP buyout fund—would be great to clear up
Look at the BXPE senior leadership (not the nonsense BX leadership or investment committee). Tony James and Viral Patel are the only people with an investment backgrounds on the actual strategy leadership team...The President used to be a product person in private wealth solutions, CIO was head of corporate development for BX corporate, COO used to run global affairs for the BX corporate. This vehicle is purely a function of receiving pro rata share of all equity-based investments BX makes. The management team is purely operations based...They slap all of their IP group heads on the decks as ultimately those are the people making investment decision for their given strategy that just flow into BXPE...
Has the model test gone out yet?
Nothing on my end yet. Had coffee chat already
Anyone hear back after the interviews following the model test?
Superday invite received yesterday
Are they done sending invites?
have you finishd with final rounds? do you know when they're coming back on decisions?
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