Blackstone welcomes LP manager concentration

More limited partners want to form ‘strategic relationships’ that are long-term and involve exposure to multiple strategies, co-founder Steve Schwarzman said during an earnings call this week.

The idea of limited partners focusing on manager concentration in their private equity portfolios may give some GPs anxiety, but not The Blackstone Group.

Blackstone, in fact, benefits from LPs committing capital to fewer managers, said the listed firm’s co-founder and chief executive officer Steve Schwarzman during a second quarter earnings call Thursday.