Blackstone (BX) cracks the Ivy League wait-list as endowments from Harvard and Penn, among...

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

Blackstone (BX) cracks the Ivy League wait-list as endowments from Harvard and Penn, among others, invest in one of the firm's real estate funds for the first time. Blackstone is expected to close a $13.3 property fund - the largest-ever of its type - this month. "Most of their competition ... has been reduced or eliminated," says an investor, offering one reason for the schools' change-of-heart.