Blackstone Moves to Larger Office in Cloche d'Or

On Wednesday 27 September 2023, American alternative investment management company Blackstone announced its move into a new flagship office at the Vertigo Polaris Building in Luxembourg's Cloche d'Or district.

The official opening of the new office took place at an event held in the presence Luxembourg's Prime Minister Xavier Bettel and the Chief Financial Officer (CFO) of Blackstone, Michael Chae.

Blackstone has been investing in Luxembourg for 20 years and, in 2017, established Blackstone Europe Fund Management (BEFM), an alternative investment fund manager (AIFM) regulated by the Commission de Surveillance du Secteur Financier (CSSF), with the aim of simplifying access for European investors to its fund range.

Blackstone's presence in Luxembourg now totals over 50 people across the company's BEFM, Credit and Private Equity services. Blackstone portfolio companies also employ over 400 people in the country across Mileway, one of the largest owners of last mile logistics real estate assets in Europe, and Revantage, Blackstone's global portfolio company shared services platform which provides corporate support services to the firm's Real Estate investments.

The firm's new office doubles its previous footprint and is expected to support continued growth in Luxembourg. Michael Chae, CFO of Blackstone, commented: "Luxembourg is an important part of Blackstone's operations in Europe. Since launching Blackstone Europe Fund Management in 2017, we have built out a highly skilled and diverse team, which is now one of the largest alternative investment fund managers in the country. As we continue to grow in Europe and globally, we are excited to see our presence in Luxembourg expand in the future."

Prime Minister Bettel said: "Blackstone is a valued partner in Luxembourg's journey to becoming one of the leading destinations for asset managers to do business in Europe, and greatly contributes to our country's prosperity. I am delighted to celebrate the opening of Blackstone's new state-of-the-art office and their continued commitment to Luxembourg."

Today, BEFM is the second largest in-house AIFM and fifth largest AIFM overall in Luxembourg, noted Blackstone. It specialises in valuation, risk management, distribution, and AML and compliance functions, and manages nearly €67.5 billion of assets across 81 investment structures (as of the second quarter of 2023).

According to Blackstone, its new, expanded office location reaffirms its "strong belief" in Luxembourg as a "destination of choice" for alternative asset managers in the European Union and as a "trusted" jurisdiction for investors.