BXPE?
Hey everyone, looking to learn more about the new BXPE team at Blackstone. Does anyone know what this team does?
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Ive heard they arent much different from other groups at BX, biggest difference is just the LP's providing capital vs BXPE getting money from retail investors / being evergreen.
They focus on middle-market deals relative to flagship PE fund as well, mainly doing tech / services / industrials
Where do you see this? I have factual information that BXPE is purely a copy paste of what is in BCP/BXG vehicles and invests side by side those funds. It's the HNW replacement for BTAS which was purely marketed at wirehouses and on iCapital as a one ticket fund that invests pro rata in every BX deal across PE, RE, credit, tac ops. The oldest BTAS vintage from 2016 is like a 1.4x and 7% IRR so BX knew they had to pivot to evergreen as fundraising was bad on the last few BTAS funds. The people on the BTAS team were/are not investment people and just purely portfolio management and operations and same goes for BXPE despite what the site/decks show. They slap senior leadership as being the managers of the fund but it's purely the heads of the various strategies BXPE invests alongside with Chris James being chairman for optics. BXPE is verbatim the same thing as BTAS just in evergreen form and only PE/GE. For example, in the deck Jersey Mike's is listed as a major investment owned by BXPE which is not a MM deal and is just a BCP investment with some capital coming from BXPE.
They mostly do co-invests. I've rarely seen a group hornier for deploying capital... make of that what you will.
so not active management - how they justified fees for passive investing? or is the wide scope of co-investment available given its vast relationships?
https://www.wallstreetoasis.com/forum/private-equity/blackstone-bxpe
Was in a process with them. The majority of the fund is co-investment across the platform but they also do their own dedicated MM deals.
It's basically like being at a Mubadala or other active SWF's direct team. Mostly coinvest and the occasional (almost never) co-lead or recap deal.
Source - two more senior friends who work there and one who got an offer.
Has anyone heard back after the model test?
pm?
Are offers out yet?
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