NEW YORK | Wed July 6, 2011 3: 18 pm EDT
NEW YORK (Reuters) - Blackstone Group (BX).(N) private the most recent equity fund is now calibrated to $ 16 billion, according to a source familiar with the case Wednesday, which makes one of the largest funds redemption raised in history.
End of last year, Blackstone COO Tony James had said that the Fund would be close to 15 billion in size. But the interest of investors, mainly sovereign wealth funds, have led to the increase, the source function.
The Fund could eventually reach about $ 16.5 billion, according to the source.
Blackstone has refused to comment on the news, which was the first time by the Wall Street Journal.
Investment fund raise capital from investors such as pension and endowment funds. They are usually several years invest this capital by buying companies, to sell or floating assets for profit.
Investment fund collected huge funds during the boom of the credit from 2005-2007, using the money to strike deals with several billion dollars debt.
Sizes of funds, however, been narrowing after the capital of the limited financial crisis of investors of pension funds and reduced opportunities for big deal for buyout firms.
The last Fund Blackstone is smaller than its fifth Fund, PCO V, a monster of 21.7 billion firm private equity completed fundraising in the summer of 2007.
(Statement by Paritosh Bansal, mounting by Bernard Orr)
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