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Blackstone raises record $5.2bn for fourth flagship Tactical Opportunities fund

Blackstone’s Tactical Opportunities business has held the final close of its fourth flagship commingled fund, Blackstone Tactical Opportunities Fund IV (BTO IV), having raised a record $5.2bn in capital commitments. 

Including other single-investor vehicles pursuing the same strategy, the combined BTO IV platform is currently expected to have nearly $10bn of new capital, substantially in excess of the BTO III platform, which raised $4.2bn for the flagship comingled fund, and $8.7bn in total, including associated single-investor vehicles.

Blackstone launched its Tactical Opportunities (Tac Opps) platform – a strategy the firm pioneered – in 2012 to invest across the landscape of private investment opportunities outside of traditional private equity and private credit.

Today, Tac Opps has $34bn of assets under management and represents the largest opportunistic investment platform in the world. The Tac Opps team invests globally across asset classes, industries, and geographies, seeking to deliver risk-adjusted returns by identifying and executing on differentiated investment opportunities.

BTO IV has already made several notable recent investments including: CoreWeave, a specialised provider of AI-focused cloud infrastructure, and New Tradition, an out-of-home media business that operates advertising assets across the US such as One Times Square in New York City and The Reef in Los Angeles.

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