Blackstone rakes in $18 bln for seventh PE fund

Blackstone has closed its seventh private equity fund at $18 billion, exceeding its hard cap of $17.5 billion.

Blackstone Capital Partners VII attracted more than 250 limited partners from 40 countries.

The fund launched in November 2014 and raised $15.7 billion in its first close seven months after fundraising began.

Blackstone said it will start making investments from Blackstone Capital Partners VII in the first quarter of 2016.

The firm’s previous private equity fund racked up $15.2 billion in 2010, generating an average IRR of 13.58 percent and an average multiple of 1.26x as of June 30, 2015, according to data provider Bison.

Photo of stacks of money courtesy of Shutterstock.