Blackstone's new offering, the Blackstone Private Markets Fund, or BXPM, opens the firm's private-markets lineup to retail investors outside the US. It is the first time Blackstone has packaged multiple asset classes into a single strategy aimed specifically at non-US individuals.
BXPM is set up as a perpetual vehicle, meaning it does not have a preset end date. About half of the money will flow into Blackstone's private equity fund that has invested in SpaceX, Anthropic and OpenAI. The balance will be invested across infrastructure, real estate, and Blackstone-run private credit strategies.
Investor materials indicate the fund aims to offer quarterly redemptions of up to 3% of the fund's NAV. That is an expectation, not a promise, and the paperwork adds the warning: "This product is subject to the risk of capital loss." Evergreen funds like this typically allow periodic exits, though managers sometimes put limits in place. This year, Blackstone and several other firms tightened withdrawals in certain private credit funds after retail clients rushed to get out amid concerns about potential strain in that corner of the market. Blackstone's real estate fund for wealthy investors also faced heavy redemption requests beginning in 2022; it notched net inflows in March for the first time since that wave.
Blackstone is chasing a bigger share of the trillions in personal wealth worldwide. According to a June UBS report, last year saw global wealth increase by nearly 11% when measured in US dollars, with the sharpest gains in Europe, the Middle East and Africa. As of June 30, Blackstone's wealth unit oversaw about $324 billion, roughly one quarter of the firm's total assets.
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The company is following rivals including Apollo Global Management Inc. and KKR & Co., which have already rolled out evergreen vehicles aimed at individual investors instead of pensions and endowments. Rashmi Madan, Blackstone's global head of portfolio solutions, has been appointed CEO of BXPM, which will accept initial investments starting at $10,000.
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