2014.12.0402:23:22UTC+00Blackstone looking for $15 billion for new buyout fund

Blackstone Group LP, the largest manager of alternative assets in the world, is offering investors a discount on management fees in exchange for their commitment to its new $15 billion buyout fund.

According to sources close to the issue, Blackstone is willing to waive for the first six months all management fees for investors who will join the first fundraising round on top of awarding breaks from fees for those who make large commitments. The asset manager has been gathering capital to take advantage of the time has given investors more capabilities to commit following last year’s awards of record distributions.

An annual 1.5% management fee is said to be given to investors who commit $500 million or less to the manager’s seventh fund, while 1.25% will be applied for bigger contributions. The new Blackstone fund is predicted to end up with the same size of its previous fundraising in 2012 that resulted in $16.7 billion.

Billionaire co-founder Stephen Schwarzman of Blackpool is expected to lead the company with a contribution of at least $400 million.