• Jul 30, 1998

    AIG to Invest $1.35 Billion in The Blackstone Group and Its Funds

    NEW YORK--(BUSINESS WIRE)--July 30, 1998 – American International Group, Inc. (AIG) and The Blackstone Group today announced the initiation of a long-term investment agreement valued at approximately $1.35 billion. Under the terms of the agreement between the two firms, AIG will acquire a 7% limited partnership interest in The Blackstone Group and its affiliated companies for $150 million. In addition to its investment in The Blackstone Group, AIG has agreed to invest over a number of years an estimated $1.2 billion as a limited partner in future private equity, real estate, and other funds The Blackstone Group sponsors.