Deals
Goldman, Blackstone Buy Minority Stake in Francisco Partners
- Francisco to use proceeds to commit to funds, consider hires
- Goldman, Blackstone partner for first time on a stake deal
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Units of Goldman Sachs Group Inc. and Blackstone Group LP, two of the largest dedicated buyers of stakes in alternative asset managers, are teaming up to acquire part of private equity firm Francisco Partners.
Goldman Sachs’ Petershill arm and Blackstone’s Strategic Capital Group have agreed to co-invest in a passive, minority stake in technology-focused Francisco, firm co-founder and Chief Executive Officer DJ Deb said in a phone interview. Francisco, which has offices in San Francisco and London, will use proceeds from the sale to commit more to current and future funds and make strategic hires should the opportunity arise, Deb said.