Blackstone raises record $21.7B fund
Private equity titan closes on world's largest private equity fund, despite concerns over industry's future.
LONDON (CNNMoney.com) -- Blackstone Group has raised the largest private equity fund ever, despite a chill in the debt markets that has cast uncertainty over the buyout industry's rapid growth.
The announcement comes as faltering debt markets have put the brakes on the buyout boom and raised worries over whether take-private deals will dry up further down the road.
"This further vote of confidence from our investors is extremely gratifying. The record-breaking amount of capital at our disposal allows us to continue our leadership role in private equity investing on a global basis," CEO Stephen Schwarzman said in a statement.
Blackstone said two-thirds of the fund's available capital has been committed to deals already announced, including the buyout of Hilton Hotels (Charts, Fortune 500). The fund will be invested across a variety of sectors and regions.