Blackstone targets debt

One fund’s poison is another’s fund’s opportunity. The American private equity group Blackstone has recently gotten some of its well-to-do customers to get involved in a scheme to take advantage of the growing inability of property companies and funds to deal with their debt situation.

The fund will look to buy up cheap real estate debt rather than equity. Blackstone recently raised $400m from high-net-worth individuals for a similar segregated fund. The cash was raised in just three weeks.

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