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Blackstone is adopting an investment banking model to open to a new contingent of investors—the world’s richest families.
Wealthy families globally are sitting on an estimated $4 trillion in capital, and Blackstone is eager to get a slice, according to firm partner John Studzinski, Bloomberg reports. And rich families are not shy of investing—family offices throw an average of 27% of their cash into private equity funds, according to research from Preqin.
Rich people often bypass wealth managers entirely and do deals on their own in order to avoid paying fees to buyout firms. Nearly 70% of family offices engage in direct investing, and that’s the market Blackstone is trying to attract. [Bloomberg]
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