Blackstone Inc., the largest private equity company in the world, plans to raise up to $10 billion for its tactical opportunities strategy, which offers it flexibility to invest in a variety of assets. Blackstone has raised roughly $5 billion for the Blackstone Tactical Opportunities Fund IV, despite its stated goal of around $4 billion. According to the sources, who declined to be identified because the information is private, the company has also raised an additional $5 billion from investors in separately managed accounts that would invest alongside the main fund.

Blackstone positions its tactical opportunities funds as having "opportunistic capital," which is not constrained by any one sector, region, or class of assets. As a result, it can invest in anything from data centres and ports to women's clothing and dating apps. Since the first of these funds was first created in 2012, Blackstone has funded three further tactical opportunities funds, which have collectively raised around $16.4 billion from investors.

California Public Employees' Retirement System, as of June 2017 the $6.7 billion Blackstone Tactical Opportunities Fund II and the $4.09 billion Tactical Opportunities Fund III have produced net internal rates of return of 14.1% and 11.7%, respectively.

Blackstone paid $3 billion for ownership of dating app Bumble Inc. before its initial public offering in 2021 and purchased a majority stake in women's clothing company SPANX Inc. in a deal that valued the company at $1.2 billion. Also, it has bought the California-based cosmetics company ZO Skin Health as well as the packaging products company Sustana Group.

The division of tactical opportunities at Blackstone currently manages roughly $34 billion in assets. David Blitzer, who actively invests in sports teams like the National Hockey League's New Jersey Devils, the National Basketball Association's Philadelphia 76ers, and English soccer club Crystal Palace, oversees the operation.