New York-based global investment firm Blackstone on Wednesday announced its philanthropic arm will launch a 3-year, $4 million grant initiative to fund the development of high-growth, job-creating companies in Colorado.

Blackstone Charitable Foundation, the company's philanthropic arm, worked closely with Gov. John Hickenlooper and Sen. Michael Bennet, D-Colo., as well as the University of Colorado Law School, to successfully bring the grant here.

"The Foundation's support will strength regional connections between our state's entrepreneurs and start-ups, ultimately leading to more innovation and more jobs," Bennet said in a statement. "Through its partnership with the University of Colorado, the Blackstone Entrepreneurs Network will ensure that start-up companies with high-growth potential have access to the networks, mentors and guidance they need to grow and succeed."

Added Blackstone's Jon Gray: "Thriving hubs of entrepreneurial activity, like Silicon Valley, have the potential to transform a region ... We are giving local entrepreneurs access to expert mentors and other support services that will hopefully incubate robust entrepreneurial ecosystems across the county."