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Blackstone Inc. manages alternative investment strategies across private equity, real estate and real assets, credit and insurance, and other alternatives for institutional, insurance and individual investors. News about BX commonly covers operating and financial results, realization activity, dividend announcements, fund and platform launches, and investments made through Blackstone-affiliated strategies.
Recurring developments include Blackstone Real Estate Debt Strategies lending activity, Blackstone Life Sciences financings, energy-transition and power-generation investments, data-center and digital-infrastructure initiatives, and partnerships tied to enterprise technology and AI deployment. Coverage also reflects capital formation, portfolio-company activity and updates from public vehicles connected to Blackstone platforms.
PTC Therapeutics has entered a strategic financing collaboration with Blackstone, securing up to $500 million in funding to enhance its product pipeline and business development. This includes $350 million in low-cost capital at the close. The funds will help accelerate PTC's mission to deliver transformative medicines, with a goal of launching one therapy every 2-3 years. Blackstone's investment will be collateralized by PTC's existing products, including Translarna™ and Upstaza®. The collaboration aims to optimize capital structure and support new medicines.
Blackstone (NYSE: BX) has announced a partnership with Dominium to develop the Aviara Flats community in Phoenix, Arizona, contributing $48 million of tax credit equity for the creation of 372 affordable housing units. The project targets households earning at or below 60% of the area median income and will feature amenities such as a gym and playground. This partnership signifies a key step in Blackstone's commitment to expanding affordable housing across the U.S., with completion expected in 2024.
DNAnexus announced the appointment of Jeff Margolis to its Board of Directors. Margolis, a veteran in healthcare technology, has extensive experience in guiding companies from startup to leadership. His role follows DNAnexus securing $200 million in funding led by Blackstone (NYSE:BX). Margolis aims to leverage his expertise to enhance the company's platform for biomedical research, enabling significant advancements in multi-omic data analytics. CEO Richard Daly expressed confidence in Margolis' ability to drive global adoption of their innovative solutions.
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Blackstone (NYSE: BX) and Resolution Life have formed a strategic partnership to enhance growth in the global life and annuity market. The collaboration will manage up to $25 billion in private credit and real estate assets, potentially increasing to over $60 billion within six years. They aim to raise $3 billion in new equity, including a $500 million investment from Blackstone, enhancing Resolution Life's capital base to over $8 billion. This partnership will provide significant strategic advantages and is expected to close in the second half of 2023.
Blackstone has successfully completed the acquisition of Bluerock Residential Growth REIT at $24.25 per share, totaling $3.6 billion in cash. This acquisition aligns with Blackstone's strategy to expand its real estate portfolio. Additionally, Bluerock has spun off its single-family rental business into an externally managed REIT, Bluerock Homes Trust, which started trading on the NYSE American. The transaction was initially announced on December 20, 2021, and signifies strategic growth for both firms in the competitive real estate market.
Blackstone (NYSE: BX) has announced a commitment to hire 2,000 refugees across its global portfolio by the end of 2025, including 1,500 in the location value="LC/us"U.S..
This initiative builds on its Veterans Hiring Initiative, which has successfully hired over 100,000 location value="LC/us"U.S. veterans and their families. So far, nearly 500 refugees have been hired from regions like location value="LC/af"Afghanistan and location value="LC/ua"Ukraine. Blackstone aims to collaborate with refugee resettlement organizations to ensure successful integration of refugee hires.
Blackstone Credit announced increased distributions for its funds, with the Blackstone Private Credit Fund (BCRED) raising its monthly distribution to $0.19 per share, representing a 9.1% annualized yield based on a July NAV of $25.02. The Blackstone Secured Lending Fund (BXSL) increased its quarterly distribution to $0.60 per share, yielding 9.3% based on a second-quarter NAV of $25.89. These changes reflect strong earnings, the quality of portfolios, and positive effects from rising interest rates, with nearly 100% of the portfolios in floating rate debt.
Blackstone (NYSE: BX) is expanding its Corporate Private Equity business in North America with a new team in San Francisco. Senior Managing Director Sachin Bavishi will lead this initiative, enhancing Blackstone's presence in the technology sector. Bavishi, who has been integral to many significant investments since joining Blackstone in 2013, aims to drive innovation within the region's technology community. The firm currently employs over 70 staff in San Francisco across various business units, reinforcing its commitment to partner with market-leading companies.
RxDefine, a healthcare engagement platform, has appointed Pujan Kasaju as SVP of Finance and Operations, marking a significant step in the company’s growth strategy. Kasaju, who has a strong background in strategic finance from his tenure at Blackstone (BX), will oversee finance, accounting, and administrative functions. His experience in high-growth technology startups complements RxDefine’s mission to enhance the healthcare experience for consumers and healthcare providers. The team believes Kasaju's leadership will be pivotal as the company navigates its next growth phase.