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☆ Targa to buy remaining stake in NGL pipeline from Blackstone for $1.05 bln
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Targa Resources Corp (TRGP.N) said on Tuesday it will buy the remaining stake in its Grand Prix NGL Pipeline that it does not already own, for $1.05 billion in cash from Blackstone Inc's (BX.N) energy unit. Targa, which will purchase 25% stake from Blackstone Energy Partners, acquired 75% interest in the pipeline last year when it repurchased interests in its development company joint ventures from investment firm Stonepeak Partners LP for about $925 million. The Stonepeak deal also included 100% interest in its Train 6 fractionator in Mont Belvieu, Texas, and a 25% equity interest in the Gulf Coast Express Pipeline. Grand Prix has the capacity to transport up to 1 million barrels per day (bpd) of natural gas liquids (NGL) to the NGL market hub at Mont Belvieu. Targa said on Tuesday the price of the Blackstone Energy Partners deal, which is expected to close in the first quarter of 2023, represents about 8.75 times Grand Prix's estimated 2023 adjusted EBITDA multiple.

☆ Buyout barons will court the panicking masses
▼ + stars: | 2022-12-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Since they’ve already scoured traditional funding sources like pension funds and insurers, they’ll make a priority of tapping wealthy individuals in 2023. Even those slower to embrace the trend, like Carlyle (CG.O), are getting about 10% of inflows from individuals. Pension plans and other stalwarts have seen their stocks and bonds slump in value, potentially leaving them overexposed to buyout funds, private credit, real estate and infrastructure. These investors don’t always have the resources or stomach to lock up their money for half a decade or longer. Third-party platforms like Moonfare are proliferating, pooling retail capital into vehicles that buy stakes in buyout funds.

☆ The SEC is reaching out to Blackstone and Starwood after the real-estate giants limited investors' withdrawals from their funds, report says
▼ + stars: | 2022-12-16 | by ( Alex Nicoll | Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Investors are pulling their money from big real estate funds at a quick pace. Blackstone and Starwood recently limited investors' ability to withdraw. The real estate funds have recently seen a surge in withdrawal requests amid a broad drop in investor sentiment and potential economic downturn. Representatives for the SEC and Starwood did not immediately return requests for comment on Friday. But this year has brought challenges as the real estate market sours and more investors are turning bearish.

☆ Blackstone’s BREIT Highlights Looming Dangers of Private Funds
▼ + stars: | 2022-12-12 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

The Blackstone Real Estate Income Trust says withdrawals have come primarily from overseas investors, particularly in Asia. Top executives at Blackstone Inc. declared themselves baffled that so many retail investors want their money back from its giant private property fund, given its strong performance. They shouldn’t be surprised. The very design of the fund encourages investors to withdraw when they see others doing so. My worry is, those same incentives could hit other parts of the financial system as central banks pull back from easy money.

☆ Microsoft to buy 4% stake in London Stock Exchange
▼ + stars: | 2022-12-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/2] The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The European Union has just approved a law introducing safeguards on cloud providers in financial services, with Britain set to follow suit. "We will continue to maintain our multi-cloud strategy and working with other cloud providers," Schwimmer said. Microsoft said the basis of the partnership will be the digital transformation of LSEG's technology infrastructure and Refinitiv platforms on to the Microsoft Cloud. Microsoft will buy LSEG shares from the Blackstone (BX.N)/Thomson Reuters (TRI.TO), Consortium, the exchange operator said.

☆ Microsoft to buy about 4% stake in LSEG as part of 10-yr commercial deal
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File PhotoDec 12 (Reuters) - Microsoft (MSFT.O) will buy about 4% equity stake in London Stock Exchange Group (LSEG.L) as part of a 10-year commercial deal to migrate the bourse operator's data platform into the cloud, the British company said on Monday. Microsoft will buy LSEG shares from the Blackstone (BX.N)/Thomson Reuters (TRI.TO), (TRI.N) Consortium, the bourse operator said. As part of the deal, LSEG has made a contractual commitment for minimum cloud-related spend with Microsoft of $2.8 billion over the term of the partnership. Thomson Reuters, which owns Reuters News, has a minority shareholding in LSEG following the Refinitiv deal.

☆ Microsoft buys near 4% stake in London Stock Exchange and launches 10-year partnership
▼ + stars: | 2022-12-12 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Microsoft logo seen at their building in Redmond, Washington. LONDON — U.S. tech giant Microsoft on Monday announced a 10-year partnership with the London Stock Exchange Group and took a near 4% stake in the U.K. bourse operator. The partnership involves next-generation data and analytics, as well as cloud infrastructure solutions, according to a statement by the LSEG. It involves a new data infrastructure for the London exchange and analytics and modelling solutions with Microsoft Azure, AI, and Microsoft Teams. Microsoft will purchase an approximately 4% stake in the U.K. firm from the Blackstone/Thomson Reuters Consortium.

☆ Blackstone may slow the launch of private equity fund after investor withdrawals, Financial Times reports
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +1 min

Dec 10 (Reuters) - Blackstone Inc (BX.N) has warned of possible delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele, the Financial Times reported on Saturday. The New York-based investment manager has been preparing to open a fund called the Blackstone Private Equity Strategies Fund (BXPE), the report said, adding that would become its flagship strategy for rich individuals to participate in its private equity business. The clients of Blackstone's other "retail" products expected the fund to be launched by early 2023, FT said. The asset manager earlier this month limited withdrawals from its $69 billion real estate income trust (REIT) after receiving too many redemption requests. Reporting by Lavanya Ahire in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone gets a slap from efficient markets
▼ + stars: | 2022-12-08 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

NEW YORK, Dec 8 (Reuters Breakingviews) - Private markets seemed, for a while, the perfect antidote to the weirdness of public markets. Those models typically move much more slowly than the rapidly changing prices served up by public markets. These charms became much more potent during the stresses of Covid-19, when it became clear that public markets are not always a ruthlessly efficient price-discovery mechanism. RESILIENCE OR INTRANSIGENCECovid briefly scrambled the world, but bigger changes are coming that may scramble the calculus for private markets. During Covid, public markets seemed backward-looking, overreacting to the present moment while private markets were able to focus on the future.

☆ Blackstone chief defends real estate fund amid rush for withdrawals
▼ + stars: | 2022-12-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Investors nervous about Blackstone's real estate investment trust should view it as a long-term vehicle that's well-positioned for the future, the firm's president said Thursday. Blackstone has taken heat over the past week for limiting withdrawals from the $69 billion private REIT, the Blackstone Real Estate Income Trust (BREIT). Blackstone President and Chief Operating Officer Jon Gray defended the positioning and structure, noting that investors knew BREIT had limits on redemptions. Publicly traded REITs have gotten slammed this year amid a rising interest rate environment that has hit the real estate market especially hard, raising questions about the actual values of holdings in private funds such as Blackstone's BREIT. The $35 billion Vanguard Real Estate ETF , for example, has tumbled 26% year to date.

☆ Blackstone’s BREIT slump looks nasty but not fatal
▼ + stars: | 2022-12-02 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 2 (Reuters Breakingviews) - Investors knocked around $8 billion off Blackstone’s (BX.N) market capitalization on Thursday after it said investors were fleeing a flagship real estate fund. But it’s a nasty black eye for the $125 billion Blackstone Real Estate Investment Trust, one of the private-equity giant’s star earners. The real-estate fund only allows withdrawals of 5% of its net asset value - which stood at $69 billion in November- per quarter. So based on some simple math, the erasure of $8 billion of Blackstone’s market value suggests investors think perhaps half of BREIT’s profit might go up in smoke. BREIT’s terms allow for investor redemptions equivalent to 2% of its net asset value a month, or 5% per quarter.

☆ Blackstone's bet on small investors bites the private-equity giant as investors pull out of its high-profile real-estate fund
▼ + stars: | 2022-12-01 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

BREIT, as the large real-estate fund is known, has been key to the firm's retail investor push. Blackstone, the $951 billion private-equity behemoth, is better known for its big buyouts, splashy deals, and real-estate market domination than its products catering to individuals. BREIT, as the real-estate fund is known, has posted a return of 9.3% so far this year and a 15.5% three-year annualized return, according to its website. But investor sentiment has appeared to turn for this real-estate fund, posing a challenge for the firm's retail push. Last month, Credit Suisse downgraded Blackstone stock over concerns in BREIT and BCRED.

☆ Trump portrayed as a 'loser' by 2024 rivals courting his big donors at Las Vegas conference, report says
▼ + stars: | 2022-11-19 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

Potential rivals for the 2024 GOP nomination wooed donors at the Republican Jewish Coalition's meeting. Donald Trump, who announced his 2024 run this week, is not attending the Las Vegas gathering in person. Former US Secretary of State Mike Pompeo speaks during a Republican Jewish Coalition Annual Leadership Meeting in Las Vegas, Nevada on November 18, 2022. WADE VANDERVORT/AFP via Getty ImagesChristie, another potential presidential prospect, reportedly highlighted Trump's political failures while dining with wealthy donors, AP reported. AP noted that big donors in attendance do not appear enthusiastic about backing Trump in 2024.

☆ Private equity is ready to make moves as the economy sours, but its approach to dealmaking might be different than in years past
▼ + stars: | 2022-11-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

When the going gets tough, PE gets going. Insider's Casey Sullivan and Rebecca Ungarino examined one segment of Wall Street that is primed to take off despite an economy that has left almost everyone hurting. The big question is where will PE firms look to deploy capital. How long PE firms resist those types of deals still remains to be seen, though. People who left Wall Street for crypto aren't second guessing themselves.

☆ Emerson sells majority stake in climate tech unit to Blackstone
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) is selling a majority stake in its climate technologies unit to Blackstone Inc (BX.N), the U.S. industrial firm said on Monday, in a deal that values the unit at $14 billion. The deal would give Blackstone a 55% stake in the unit. Blackstone and co-investors would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing, Emerson said. As part of that pivot, Emerson in August also sold its unit that makes waste disposal equipment and hot water dispensers to Whirlpool Corp (WHR.N). The Blackstone deal is expected to close in the first half of 2023.

As Gen Z entrepreneurs create innovative businesses, they're taking advice from former heavyweights. Here are 19 books Gen Z founders recommend for aspiring entrepreneurs. Many Gen Z entrepreneurs are creating new and innovative businesses like voice-messaging companies, restaurants, jewelry brands. As they build their companies, they're taking advice from the heavyweights who came before. Insider spoke with 19 Gen Z founders from around the world to learn which books they recommend for aspiring entrepreneurs.

☆ Only one city has foiled Blackstone's $320 billion real estate empire
▼ + stars: | 2022-10-01 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

Danish parliament even passed a "Blackstone law," which prevents new landlords from raising rents. Blackstone has one of the largest real estate portfolios in the world, with $320 billion invested in commercial and residential properties spanning the US, Spain, and, at one time, Sweden. In the Guardian, reporter Hettie O'Brien details how a Copenhagen tenants group thwarted Blackstone's expansion, aided by a national political mood wary of international investors. Blackstone's journey to becoming a worldwide player in residential real estate began after it seriously invested in American properties following the 2008 housing and stock-market crash. Blackstone's involvement in the Copenhagen housing market angered locals for two reasons, according to the Guardian.

☆ Byju's pays $234 mln to Blackstone related to Aakash deal -source
▼ + stars: | 2022-09-23 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File PhotoSept 23 (Reuters) - India's Byju's has paid 19 billion rupees ($234 million) to Blackstone Inc , settling its dues owed to the private-equity firm as part of a $950 million deal to buy Aakash Educational, a source directly involved with the deal said on Friday. While closing the deal, Byju's had paid all of Aakash's shareholders, except Blackstone as the PE firm had agreed on deferred payment, the source said. Register now for FREE unlimited access to Reuters.com RegisterBlackstone did not immediately respond to a request for comment. ($1 = 81.1660 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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