Blackstone Raises $21.7 Billion For Record Private Equity Fund

Bloom:

Blackstone Group LP raised $21.7 billion for the world's biggest private equity fund, just as a global credit crunch threatens leveraged buyouts.

The fund is more than triple the $6.45 billion pool Blackstone raised five years ago, and tops the $20 billion amassed by Goldman Sachs Group Inc. in April. Blackstone has already committed to spend two thirds of the new fund, the New York-based firm said in a Business Wire statement today.

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