Blackstone eyes targets after raising $15bn

PRIVATE equity giant Blackstone, which has stakes in a range of British firms such as United Biscuits and Madame Tussauds, has raised $15 billion (£9.47bn) to fund further acquisitions.

Although the war chest is smaller than the $22bn the firm raised in 2007, the successful close of its new BCP VI fund still ranks among the biggest ever fundraisings for a private equity firm.

Tony James, chief operating officer of Blackstone, said: "Considering that we started raising money after the meltdown, when there was essentially no fundraising in the industry, and we got a fund close on $15bn, it is a remarkable accomplishment."

Investors in the new fund include pension and insurance funds, hedge funds and wealthy individuals.

It is thought the firm will be looking at more acquisitions in the UK, in areas such as healthcare, media, leisure, engineering and technology.

In addition to its stakes in Merlin Entertainments, owner of Madame Tussauds and the London Eye, the firm also owns Tragus, owner of the Caf Rouge restaurant chain.

The firm is headed by former Lehman banker Stephen Schwarzman.