Blackstone ‘Tac Opps’ Arm Rounds Up $5.2 Billion for New Bets

Blackstone Inc. wrapped up a record $5.2 billion fund for deals that defy easy categorization and aren’t constrained by any particular investment style.

The fund, Blackstone Tactical Opportunities Fund IV, surpassed a $4 billion target for rounding up investor dollars, said a person familiar with the matter. The haul gives Blackstone cash to hunt for deals after banks pulled back from financing following the collapse of three lenders this year.

Launched in 2012, the Blackstone business nicknamed “Tac Opps” for its wide-ranging targets has grown into a $34 billion behemoth and underscores private equity’s expansion beyond its buyout roots. ...