Anyone know anything about Blackstone Growth? Know they raised a $4.5Bn fund, investments include Bumble and Oatly, but anything else on usual stage / size of investment team / etc.? Will they look more similar to a Summit or an IVP? Can imagine they're fleshing it the team given how new the fund is, but curious if anyone knows anything.
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My guess is it continues to look like GA given Korngold running it + similar to SLP and KKR's growth efforts - so neither IVP (what I'd call venture growth), or Summit (what I'd call bootstrapped growth). Obviously a huge new fund for the strategy, but IMO are unlikely to compete with the speed/prices paid by Tiger/Coatue/D1/Addition/Alkeon et al. for hot, late-stage "venture growth"-type companies. More likely to spend time on banked processes (i.e. Fanatics), large secondaries (i.e. Bumble), and even some control deals (i.e. Vungle). Has seemed hard for PE firms to move fast-enough / pay the prices required to really break into the best companies, but they've all seemed to do just fine in the strategy so far by paying the right price, with the right structure, for solid companies. No inside knowledge though...
any idea how they're doing currently? a lot fo their investments have traded down, not sure if below the levels they invested at or not
Supporting the point around not competing with Tiger et. all for the top late stage venture deals, Blackstone just launched a true crossover fund (Horizon) to target those deals instead of out of Growth.
Overall I’m sure BX Growth is still good brand / experience as a junior, but I’ve only heard negative things about it since Korngold joined, as he made it much more hierarchical / similar to GA. It seems like the team has really grown substantially in headcount as well so it’s not necessarily as attractive in terms of white space to have runway for promotion. I think it’s probably a good platform to join for a few years before moving elsewhere, but less attractive for a long term home
Could be wrong about this but I think Horizon is mainly focused on making LP investments in other crossover funds. The press release wasn't very clear tho so it's possible they're gonna run a multi-manager setup but instead of PMs running factor neutral pods it's just a bunch of diversified crossover managers
Do you guys know if they are currently recruiting? and who the HH is?
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