Blackstone has formed a global distribution partnership with Deutsche Bank, excluding the bank’s home market of Germany, to expand access to its evergreen private equity fund, Blackstone Private Equity (BXPE), according to a report by Citywire.
The deal further strengthens Blackstone’s private banking partnerships, which have helped drive the strategy’s assets to $8.5bn, according to the latest SEC filing.
The agreement will allow Deutsche Bank to offer BXPE to its clients worldwide. While the reason for Germany’s exclusion remains unclear, BXPE CEO Viral Patel emphasised that Blackstone already has partnerships with most major financial institutions and continues to expand its distribution network.
Blackstone has previously partnered with major global private banks, including UBS, Belgium’s KBC, and BNP Paribas in France for its private credit offerings.
Blackstone has also introduced a European version of the strategy, registered in Luxembourg, which invests across its private equity strategies, spanning growth, buyout, and life sciences.
As an evergreen semi-liquid fund, BXPE allows quarterly redemptions of up to 3% of net asset value (NAV). Patel noted that the fund aims to maintain 5-15% in liquid investments to manage both new investment opportunities and redemptions efficiently.
