Blackstone Group LP aims to raise about $16 billion for its latest flagship takeover fund, roughly in line with a predecessor fund that wrapped up fundraising in 2012, a person familiar with the matter said on Tuesday.Blackstone, the world's largest alternative asset manager which had $68.3 billion in private equity assets at the end of June, is preparing to launch the new private equity fund after returning mountains of cash to its fund investors.Taking advantage of red-hot equity and debt markets, Blackstone generated $14.8 billion in proceeds in the 12 months through June by selling private equity assets.The Wall Street Journal earlier reported on the fundraising target. Blackstone declined to comment, and the source asked not to be identified because the fundraising process was confidential.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 1.29% or $0.414/share to $32.57. In the past year, the shares have traded as low as $23.60 and as high as $36.08. On average, 4250140 shares of BX exchange hands on a given day and today's volume is recorded at 2782804.
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