Blackstone has cashed in big-time from its latest life science fund, raking in $6.3 billion. The amount raised from Blackstone Life Sciences (BXLS) VI represents the largest ever recorded from a private fund in the sector.
Also, the vehicle was oversubscribed with the total representing Blackstone's hard cap. Moreover, the close of BXLS VI was almost 40 percent bigger than the previous vehicle in the series.
It's unclear what exactly the plans are for and where the capital will be deployed under the latest fund, but the private equity giant has been active across the BXLS platform since 2018, when it originally launched. This includes making investments through lifestyle products and companies and leveraging global relations. Blackstone has poured capital into commercializing and developing new medicines, including AMVUTTRA®, IMBRUVICA and LEQVIO, as well as technology devices such as MiniMed Flex.
In the past year alone, the BXLS platform has invested almost $2 billion.
For Phase III products, Blackstone says its approval rate is 86 percent, which outperforms the average in the life science sector.
"We are grateful to the BXLS VI investors for their strong support of our strategies and the firm's enduring conviction in the life sciences," Nicholas Galakatos, Ph.D and global head of Blackstone Life Sciences, said in a statement.
"Our partnerships with global leaders have produced 34 regulatory approvals of innovative medicines and devices. This track record highlights how we work successfully with industry trailblazers to help bring their most important products to patients around the world."
As of the fourth quarter, Blackstone reported $15 billion of assets under management.
Outside of life sciences, Blackstone this year has been active throughout CRE in terms of cleaning up its portfolio. In January alone, the firm sold Park Avenue Tower to SL Green Realty Corp. for $730 million, making it the largest CRE transaction of the month. January also included the following dispositions: Queens mixed-use development, Skyview, selling for $424 million and a suburban Chicago retail center, going for $69 million.
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