Blackstone Launches Single-Fund Access to Private Markets Platform

The firm's new perpetual fund combines private equity, infrastructure, real estate and credit in one allocation for wealth clients.

By the Family Office Real Estate Daily Desk·Monday, September 28, 2026·1 min read

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What is Blackstone's new BXPM fund and what does it offer investors?

Blackstone launched Blackstone Private Markets Fund (BXPM), a new perpetual flagship strategy providing access to private equity, private infrastructure, private real estate, and credit in a single allocation for eligible investors. Blackstone's Global Head of Private Wealth Joan Solotar said BXPM is the first strategy that gives eligible investors access to Blackstone in a single, simple allocation. The launch is positioned as a step in Blackstone's more than two-decade effort to broaden private markets access.

Key facts

Blackstone announced the launch of Blackstone Private Markets Fund (BXPM), described as a new perpetual flagship strategy providing simplified access to Blackstone's private markets platform in a single allocation across private equity, private infrastructure, private real estate, and credit.
Blackstone's Global Head of Private Wealth Joan Solotar said BXPM is the first strategy that gives eligible investors access to Blackstone in a single, simple allocation.
Joan Solotar said Blackstone has been a leader in broadening access to private markets for more than two decades.
Corient, the Mubadala Capital-backed mega-RIA with $572B in global assets, acquired FortCay Family Advisory, a $2.6B multi-family office serving 14 ultra-high-net-worth families, marking its first move into the Cayman Islands.

Blackstone Launches Single-Fund Access to Private Markets Platform — Image: editorial illustration · Story sourced from altgoesmainstream.substack.com

Blackstone launched Blackstone Private Markets Fund, a perpetual strategy that pools private equity, private infrastructure, private real estate and credit into a single allocation for eligible investors. The fund marks the firm's latest effort to broaden access to private markets for wealth clients, Joan Solotar, global head of private wealth at Blackstone, said.

The launch comes as other managers scale evergreen products. Goldman Sachs surpassed ten billion dollars in assets for its European evergreen private credit strategy, which has exposure to more than four hundred companies including loans to more than one hundred firms. The fund opened in October 2023.

Coutts invested in two evergreen funds from KKR: an 8.3 billion dollar private equity vehicle called K-Prime and a 7.3 billion dollar infrastructure strategy called KIF. The bank said it aims to provide innovative investment solutions to high-net-worth clients.

AssetMark approved two private equity evergreen funds for its platform: Calamos Aksia Private Equity and Alternatives and StepStone Private Equity Strategies. The additions mark the first private equity funds the gatekeepers at the firm have approved.

Allocations that delegate sector timing to a sponsor in exchange for a single statement often look efficient until the family office needs to exit one asset class and cannot, family office advisor Jaf Glazer has cautioned.

A survey from Invesco found retirement plan participants are open to private markets investments but their comfort depends on education, transparency and human oversight. Separately, research from the CFA Institute Research and Policy Center found that modest private markets allocations can improve risk-adjusted performance in a modeled defined contribution plan.

Platinum Equity completed the sale of Urbaser, a waste management company, to Blackstone and EQT for approximately 6.6 billion dollars. Platinum acquired the Madrid-based business in October 2021 for 4.2 billion dollars. Revenue increased by more than sixty percent and EBITDA rose by seventy percent since 2020.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

Single-wrapper evergreen funds trade underwriting control for simplicity. A family office committing to Blackstone Private Markets Fund delegates sector rotation and asset-class timing to the sponsor. That can be efficient if the principal trusts the manager's allocation judgement and prefers a consolidated K-1. It becomes expensive if the sponsor overweights a sector that the family office would have avoided or exits a position the family office would have held.

The arithmetic matters. If Blackstone's fund charges a blended fee of one-point-five percent on committed capital and a similar carry structure across sleeves, a ten-million-dollar commitment costs one hundred fifty thousand dollars annually before any performance fees. A family office building direct positions or selecting specialist managers for each asset class pays more in legal and diligence costs upfront but retains the ability to exit one sector without liquidating the others.

Underwrite the liquidity mismatch. Evergreen funds promise quarterly or semi-annual redemption windows, but those windows close when the fund's liquid reserves fall below a threshold. If a quarter of the portfolio is in real estate with eighteen-month exit timelines and another quarter is in infrastructure with longer hold periods, the effective liquidity is lower than the stated terms suggest. Price that illiquidity premium into the return hurdle and compare it to the cost of assembling separate accounts with staggered maturities.

The deployment route depends on capital scale and decision speed. A family office with twenty to fifty million dollars of private-markets allocation and a preference for one quarterly conversation with a single manager should weigh the evergreen structure. A family office with over one hundred million dollars and the capacity to diligence multiple GPs should build the portfolio directly and retain control over sector exposure, timing and exit decisions. Avoid the middle path of committing to an evergreen fund and then trying to underwrite the portfolio it holds—either trust the manager fully or build your own book.

Questions this story answers

01What is Blackstone's new BXPM fund and who can invest in it?

Blackstone Private Markets Fund (BXPM) is a new perpetual flagship strategy providing simplified access to Blackstone's private markets platform in a single allocation across private equity, private infrastructure, private real estate, and credit. According to Blackstone's Global Head of Private Wealth Joan Solotar, BXPM gives eligible investors access to Blackstone in a single, simple allocation.

02Is Blackstone involved in any large private equity deals this week?

Platinum Equity completed the sale of Urbaser, a global environmental infrastructure and waste management company, to Blackstone and EQT for approximately $6.6B. Platinum Equity had acquired the Madrid-based business in October 2021 for $4.2B, and Urbaser's revenue increased by more than 60% and EBITDA rose by 70% since 2020.

03Which major RIA made its first move into the Cayman Islands?

Corient, the Mubadala Capital-backed mega-RIA with $572B in global assets, acquired FortCay Family Advisory, a $2.6B multi-family office serving 14 ultra-high-net-worth families, marking Corient's first move into the Cayman Islands.

04What did the Virginia Retirement System commit to private markets recently?

The Virginia Retirement System committed approximately $2.22B across 14 new investment mandates between June 18 and September 17, 2026, directing capital to private equity, real estate, energy, private credit, public equity, and systematic investment strategies. Private equity accounted for the largest portion at approximately $976M, with the largest single commitment being $300M to GTCR XV.

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