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Blackstone's Latest Fund: Buying Up The Buyouts

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If you were hoping that the slowing economy and credit crunch would stymie private equity firms, you'll be disappointed to here the news that the latest plan from the buyout kings at Blackstone involves buying debt from private equity deals gone bad. Blackstone is raising $1.5 billion to invest in the debt of troubled distressed companies taken private in leveraged buyouts. So far they have a $100 million commitment from that New Jersey state pension fund, that invested $180 million in Lehman Brothers.
In other news, if Wall Street gets anymore Jerstastic we're going to start covering London instead.
Blackstone's GSO, Monarch Start Funds to Buy Distressed Debt [Bloomberg]