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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.
Cryoport, Inc. (Nasdaq: CYRX) announced the conversion of 50,000 shares of 4.0% Series C Convertible Preferred Stock into common stock by funds affiliated with Blackstone (NYSE: BX). This conversion resulted in 1,312,860 new shares of common stock issued on February 5, 2021, part of Blackstone's original $250 million investment. Cryoport's leadership highlighted the strategic acquisitions of CRYOPDP and MVE Biological Solutions as key factors for future growth in temperature-controlled supply chain solutions, anticipating increased demand in cell and gene therapies.
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Blackstone (NYSE:BX) has announced a definitive agreement to acquire Interior Logic Group Holdings, LLC for approximately $1.6 billion from Littlejohn & Co. and Platinum Equity. ILG is a leader in providing interior design and supply chain solutions to homebuilders, operating in 37 states and aiding nearly 100,000 home completions annually. Blackstone aims to leverage ILG's technology and resources to expand its market reach and enhance operations. This transaction is expected to close in Q2 2021, subject to customary conditions.
Blackstone Real Estate Income Trust (BREIT) and LBA Logistics announced the recapitalization of two industrial portfolios valued at $1.6 billion. BREIT acquired approximately 60% interest in the 71 assets, spanning 9.5 million square feet and boasting 95% occupancy. The properties, located mainly in top-performing markets like California and Seattle, align with BREIT's strategic focus on last-mile logistics. Following this transaction, over 90% of BREIT's investments will be in multifamily, industrial, and net leased assets, with industrial comprising more than 35% of its portfolio.
Blackstone (NYSE:BX) has appointed Michael Hovey as Senior Managing Director for Blackstone Insurance Solutions (BIS). Hovey brings over 23 years of insurance investment banking experience, most recently serving at Morgan Stanley as Co-Head of Insurance Investment Banking in North America. He will lead investments and strategic partnerships at BIS, which manages over $60 billion in assets for insurance companies. Executives express enthusiasm for Hovey's leadership, highlighting his extensive expertise as crucial for identifying new investment opportunities in the insurance sector.
Blackstone (NYSE:BX) has appointed Jeff Margolis as a Senior Advisor, bringing over 35 years of healthcare technology experience. Margolis, formerly CEO of Welltok and TriZetto, aims to leverage his expertise to aid Blackstone in investing in innovative healthcare solutions. Ram Jagannath, a Senior Managing Director, expressed enthusiasm for Margolis’s strategic insight in advancing healthcare technologies. Margolis’s track record includes transforming Welltok from a start-up to a leading consumer activation company. This appointment is expected to enhance Blackstone’s capabilities in navigating the evolving healthcare landscape.
Blackstone (NYSE:BX) has appointed retired four-star General David L. Goldfein as a Senior Advisor. General Goldfein, the 21st Chief of Staff of the U.S. Air Force, brings extensive experience in strategy and management. He previously oversaw over 693,000 personnel and a budget exceeding $168 billion. His role will involve advising on Blackstone’s strategic decisions and enhancing veteran employment initiatives, with a goal of hiring 100,000 veterans by 2022. This appointment signals an investment focus on technology across various industries.
Blackstone (NYSE:BX) appointed Frank Slootman as a Senior Advisor, leveraging his extensive experience in the enterprise software sector. Slootman, currently the CEO of Snowflake, will play a key advisory role focusing on Blackstone Growth (BXG). Known for his successful leadership in software companies such as ServiceNow, where he boosted revenues to $1.4 billion, Slootman's insights are expected to benefit Blackstone’s investment strategies in high-growth technology companies. His broad expertise aims to strengthen the firm's capability to support entrepreneurs.
Blackstone announced that its non-listed business development company, Blackstone Private Credit Fund (BCRED), has raised approximately $814 million in net proceeds as part of its continuous public offering, which broke escrow on January 7, 2021. With leverage, BCRED may offer around $1.8 billion in investable capital. Blackstone Credit, managing about $135 billion in assets, aims to provide income-focused individual investors access to private credit. The initial response to BCRED indicates a strong demand for income solutions in the current low-interest rate environment.
Blackstone (NYSE:BX) has appointed Joe Dowling, previously the CEO of Brown University's Investment Office, as Global Co-Head of Blackstone Alternative Asset Management (BAAM). Dowling, who has a strong track record in hedge fund investment and capital allocation, will lead BAAM’s investment activities, joining John McCormick, who oversees business functions. BAAM manages $78 billion in assets and focuses on hedge fund allocations and diversified investment strategies. This leadership change is expected to enhance BAAM's growth and performance, benefiting investors.