Blackstone Group is talking to its biggest investors to create a “coalition of the willing” that can buy control of large companies outside of its funds, according to Joe Baratta, head of private equity at the New York-based firm.

Blackstone usually buys control of companies through its main private-equity fund. It is talking to a select group of large investors who may want to own a company for longer than the usual term of private-equity ownership of five to 10 years and target lower returns.