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Private equity takes aim at family offices

May 26, 2015 8:54 AM ETBlackstone Inc. (BX) StockBX, KKRBy: Stephen Alpher, SA News Editor2 Comments
  • “The private wealth side is such an under-tapped segment, and way under-invested in alternatives,” says Brendan Boyle, Blackstone's (NYSE:BX) senior managing director of private wealth management. For Blackstone, $43B of its total $310B in AUM comes from private wealth - more than triple the amount of five years ago.
  • Across all of P-E, family offices account for about 6% of capital, up from about 4% in 2010.
  • By aiming at these new pools of wealth, private equity is looking to reduce its reliance on state and corporate pension plans, but it's not all about gathering assets - family offices often bring loads of expertise which can be put to use in the buyout game.
  • "They didn't really pitch products," says a money manager for the founders of a consumer-products company, who was recently flown into NYC by KKR. "They brought out David Patraeus."
  • Source: Bloomberg

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