BX Growth (BXG)
Any updated views on Blackstone Growth (BXG) in terms of performance, investment strategy, culture and salary?
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Based on the WSO Dataset, there isn't specific information regarding the performance, investment strategy, culture, or salary directly related to Blackstone Growth (BXG). However, the dataset does provide insights into Blackstone's overall employee satisfaction and professional growth opportunities as of September 2023, which could indirectly reflect on BXG given it's a part of the larger Blackstone ecosystem.
For specific details about BXG such as performance, investment strategy, culture, and salary, it's recommended to look into more targeted resources or official Blackstone publications. The general high scores in employee satisfaction and professional growth opportunities at Blackstone could suggest a positive environment at BXG, but for the most granular details, direct inquiry or further research would be necessary.
Sources: Demystifying GSO Capital (Blackstone), 'Growth' vs. 'Value' strategy, https://www.wallstreetoasis.com/forum/private-equity/blackstone-pe-culture?customgpt=1, Blackstone Strategic Partners in 2019?, Blackstone GSO
https://www.bloomberg.com/news/articles/2023-08-15/blackstone-s-schwarz…
Not great. They raised their first fund at the peak of tech hype and first two investments out of the gate were OTLY and BMBL which are down 95% and 85% from their purchase, respectively. And they remain the largest shareholder of both. So can’t be going great. Fund 1 is negative IRR. Fund 2 was 25% smaller than Fund 1.
Know one GP who competes with them and thought some of the deals they were going after must have had insanely optimistic underwriting to get done. Just was another potential fee machine for BX that will probably be wound down once LPs wise up. Korngold is/was a good fundraiser though.
work at BX snd BXG is unfortunately the laughing stock of the firm. they got organizationally rolled up into BCP which seems like the beginning of the end. team seems chill though.
Any insight into the culture of the team?
Was very much a momentum trade believed to be a strategic decision at the time.
Timing of the launch was unfortunate but could have been forgiven.
A bunch of the knucklehead investments they made were complete blunders and investment malpractice. They should fire anyone involved in those investments.
Seems like they’re trying to save face now by investing in more traditional PE assets that are growing to obfuscate the very obvious retreat.
Mistake was betting it all on Korngold and giving him a blank check. He was largely unproven as a business builder / dynamic leader. He made his bones as a nuts and bolts deal guy at GA, not as the head of a firm/strategy.
any insights into bxpe?
It’s basically a fund of funds for all of Blackstone's various PE vehicles. No single strategy other than maybe flagship PE could garner the aggregate demand required to launch a retail/RIA-facing product at scale and there’s some logistical issues with trying to match small bite size BXPE flows with the timing of mega LBOs, so makes the most sense to offer a synthetic all things BXPE offering.
It’s Blackstone PE chop suey being served up to the mass affluent.
know for a fact that this group has made individual investments on its own, look at sia partners for example and read the press release - it mentions explicitly individual investor capital i.e. bxpe
As someone who has seen the docs, all BTAS (predecessor) and BXPE do is invest pro rata alongside whatever equity strategy (BCP, BXG, etc.). It's a way to pump more $ into the retail (dumb) channel.
sure, then explain the blackstone investment aforementioned and the press release - i have sources from bxpe itself which corroborate they do individual investments
This is the most McCombs Post-MBA banking associate thing I’ve ever seen. Speaking so authoritatively based on a press release.
ive literally spoken with someone from bxpe about an investment they made, but feel free to deny whatever
News flash: dollars are fungible and people in low status roles try to talk up what they actually do.
BXPE is a fund of funds. It’s primarily a retail/mass affluent channel to drive additional fundraising since bx is so massive that its target market is fully penetrated. Sure, they’ve moved some folks from other PE teams into Bxpe as a consolation prize bc they’ve been good soldiers and don’t have shit to do in tacops.
Deals are primarily sourced through the primary PE strategies. Depending on fund availability and deployment levels, some algo at bx will allocate the investment into whichever vehicle has dollars/needs to deploy. Bxpe is a day-1 funded instrument. Flagship is a drawdown vehicle. More likely than not, you’ll want to jam things into Bxpe especially in the early days when it’s ramping.
Promise you they did not do any of the DD...Every investment in that fund is just handed to the "managers" of the fund. Same exact thing they did for BTAS in the wealth channel (that they shut down because returns blew). Lydia Kim runs this and has zero deal experience, just managing the fund itself outside of investing.
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