Blackstone (NYSE: BX), the world’s largest alternative asset manager, is expanding its presence in the life sciences sector with a new multibillion-dollar fund dedicated to drug development.
The firm has already secured initial commitments of $1.6 billion and aims to raise at least $5 billion, according to president Jonathan Gray.
Mr Gray confirmed the fundraising effort during an earnings call, stating that Blackstone intends for the new fund to match or exceed its previous $5 billion life sciences fund. The firm’s last fund, raised in 2020, was established two years after it acquired life science-focused investment group Clarus.
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