Blackstone has launched Blackstone Private Markets Fund (BXPM), a perpetual vehicle that packages its private equity, infrastructure, real estate, and credit strategies into a single allocation. The fund is aimed at eligible investors outside the US and is not being offered to US persons. BXPM draws on four of the firm’s largest businesses: its $364bn private equity strategies, $90bn infrastructure business, $314bn real estate platform, and $469bn credit and insurance arm.

Joan Solotar, global head of private wealth, said BXPM is the first strategy that gives eligible investors access to Blackstone in a single, simple allocation. Rashmi Madan, a 15-year Blackstone veteran promoted to global head of portfolio solutions in March, is also chief executive of BXPM. She described the fund as a deliberately constructed portfolio designed to simplify private markets access.

BXPM builds on earlier perpetual funds like BXPE ($3.8bn in subscriptions by May 2024), BXINFRA (over $1bn raised in its first closing on 2 January 2025), BREIT, and BCRED. Blackstone now manages over $1.3tn across all strategies, with private wealth managing $324bn. The launch reflects Blackstone’s effort to bundle its flagship offerings for advisers seeking broad private markets exposure.