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Blackstone said to get $17 billion in seven months for buyout fund

Blackstone Group LP, the biggest alternative-asset manager, raised $17 billion in seven months for its latest buyout fund, two people with knowledge of the process said. The New York-based firm has completed the initial round of fundraising for Blackstone Capital Partners VII and will continue to gather commitments, said the people, who requested anonymity because the details are typically kept private until funds stop accepting money. Blackstone targeted $16 billion

Alibaba quarterly sales surge 45%, names Zhang as new CEO

Alibaba Group Holding Ltd. shares surged after China’s biggest e-commerce company named a new chief executive officer and posted a 45 increase in revenue. Daniel Zhang will become CEO on May 10, replacing Jonathan Lu, who will remain on the board as vice chairman, the company said Thursday. The change was announced as Alibaba’s sales rose to 17.4 billion yuan ($2.8 billion) in the three months through March, beating analysts’