Blackstone Expects New Fund To Top $13 Billion

(Reuters) – Private equity firm Blackstone Group (BX.N) is expecting its latest buyout fund to be more than $13 billion in size, according to a source who has seen a letter it sent to investors dated Tuesday.

The fund has been raised during one of the toughest periods to ask investors for cash and investors have been eagerly awaiting a final figure of how much Blackstone raised.

The buyout firm had targeted June 30 to close — or finish raising capital for — the multibillion-dollar fund. In the letter to investors, it said it has completed active marketing of the fund, called BCP VI, and held a closing on June 30, the source said.

Some investors are still working to finalize documentation to invest in the fund, the letter said, according to the source. When these outstanding commitments are completed, Blackstone expects the total size of the fund will be in excess of $13 billion, the person said.

Blackstone declined comment. (Reporting by Megan Davies; Editing byGary Hill)