Blackstone Closes New Credit Liquidity Fund on $1.3 Billion

    NEW YORK, December 13 /CNW/ - The Blackstone Group (NYSE:  BX) today
announced the closing of Blackstone Credit Liquidity Partners L.P. (BCLP) with
capital commitments in excess of $1.3 billion.

    The fund was created to capitalize on the recent dislocations in the
credit markets by investing in a broad range of debt and debt-related
securities and instruments including bank debt, publicly traded debt
securities, bridge financings, securities issued by CDOs, and other debt
instruments, all on a global basis.

    Hamilton (Tony) James, President of The Blackstone Group, said; "Our
objective is to generate superior risk-adjusted returns from a combination of
current income and capital appreciation. With Blackstone's outstanding
track-record in debt and distressed investing, we are confident that we can
benefit our new fund's investors by capitalizing on current conditions in the
credit markets."

    In addition to this new Credit Liquidity fund, Blackstone's corporate
debt group manages 11 CDOs and two private investment partnerships. These
various vehicles, including BCLP, have aggregate capital commitments of over
$11 billion. They include seven US CDOs ($4.7 billion), four European CDOs
($2.9 billion) and two private mezzanine funds ($2.1 billion).

    Blackstone was assisted in the fundraising by Park Hill Group.

    The Blackstone Group

    The Blackstone Group is a leading global alternative asset manager and
provider of financial advisory services. Its alternative asset management
businesses include the management of corporate private equity funds, real
estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt
funds, proprietary hedge funds and closed-end mutual funds. The Blackstone
Group also provides various financial advisory services, including mergers and
acquisitions advisory, restructuring and reorganization advisory and fund
placement service. Further information is available at

For further information:

For further information: The Blackstone Group John Ford, +1 212 583 5559

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