Blackstone Buys $5 Billion in Private Equity Stakes From New York Pensions

Blackstone Inc. agreed to buy $5 billion of private equity holdings from the New York City pension system, one of the largest sales of its kind.

The transaction, which represented 450 individual commitments in 125 funds from 75 different managers, is for “portfolio strategic realignment” purposes, according to a statement from the New York City Comptroller’s office, not liquidity needs.