Blackstone Group Inc.'s Strategic Capital Group is buying a 10% to 15% stake in U.K.-based private equity firm BC Partners for €500 million, The Wall Street Journal reported, citing people familiar with the matter.
BC Partners plans to invest more than half of the amount back into its business as it looks to expand its real estate and credit and also prepares a new flagship private equity fund, the Journal reported, citing the sources.
The deal would not give Blackstone any voting rights or a say in the company's investment decisions. However, key Blackstone investment professionals would be required to remain with BC Partners for an extended period of time, according to the Aug. 5 report.
BC Partners confirmed in an Aug. 6 news release that Blackstone Alternative Asset Management LP's Strategic Capital Group purchased a passive, minority investment in the firm without disclosing specific terms of the deal.
Evercore was financial adviser to BC Partners. Simpson Thacher & Bartlett and Kirkland & Ellis LLP were the legal advisers to BC Partners and Blackstone, respectively.