Blackstone Clinches Record $5.2B for Fourth Tac Opps Fund  

Blackstone raised a record $5.2 billion for its fourth fund in its tactical opportunities business, which pursues private investments outside of traditional private equity and private credit. 

The Blackstone Tactical Opportunities Fund IV, together with other single-investor funds pursuing a similar approach, is anticipated to raise roughly $10 billion. The amount exceeds the $4.2 billion raised by Blackstone Tactical Opportunities Fund III, for a total of $8.7 billion, including single-investor vehicles. 

Investors include California State Teachers’ Retirement System, West Sacramento; State of Wisconsin Investment Board, Madison; New Jersey Pension, Trenton; Indiana Public Retirement System, Indianapolis; and Louisiana Teachers’ Retirement System, Baton Rouge. 

The Tactical Opportunities platform, launched in 2012, has $34 billion of assets under management and represents the largest opportunistic investment platform in the world. 

“We created the Tactical Opportunities (Tac Opps) platform more than a decade ago to shine in periods of dislocation as we’ve seen recently. We believe our scale, flexible capital, and thematic investing focus positions us well to capitalize on the compelling opportunity set ahead,” said Christopher James, Chief Operating Officer of Tactical Opportunities. 

The fund has already made major investments, including CoreWeave, a provider of AI-focused cloud infrastructure, and New Tradition, an out-of-home media company that operates advertising assets around the United States, including One Times Square and The Reef in Los Angeles. 

Blackstone, which recently surpassed $1 trillion in assets under management, achieved another record raise for its energy transition private credit fund.