(Reuters) -Blackstone Group plans to launch a private equity fund for wealthy individuals after a months-long delay, the Financial Times reported on Thursday.
Blackstone will begin taking subscriptions for the Blackstone Private Equity Strategies Fund, or BXPE, in the fourth quarter and it is planned to be launched in January, the report added, citing two people with direct knowledge of the matter.
Blackstone declined to comment on the report.
BXPE inauguration has been delayed for quite some time now, as Blackstone shelved the launch late last year after its flagship property fund was forced to limit redemptions, the report said, adding that it had earlier also delayed raising capital for it.
The New York-based investment manager limited withdrawals from its $70 billion unlisted Real Estate Income Trust (BREIT) last year after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth.
Blackstone has been exercising its right to block investor withdrawals from BREIT since November after requests exceeded a preset 5% of the NAV of the fund.
(Reporting by Nilutpal Timsina and Mrinmay Dey in Bengaluru; Editing by Rashmi Aich)