Blackstone has closed the primary collection of its evergreen institutional US direct lending fund with $22bn (£17bn) raised, comfortably beating its $10bn goal.
The ultimate shut of the Blackstone Senior Direct Lending Fund brings the asset supervisor’s world direct lending platform to over $123bn in belongings underneath administration as of the third quarter.
Learn extra: Blackstone studies report AUM as fund worth swells
“This capital elevate displays our long-term energy in non-public credit score, our world attain throughout corporates and sponsor-led transactions, and our capability so as to add worth to the businesses with which we accomplice,” stated Brad Marshall, world head of personal credit score methods at Blackstone Credit score & Insurance coverage (BXCI), the merged division created final 12 months.
“We imagine our scale and breadth of options place us extraordinarily effectively throughout what we anticipate to be an lively transaction atmosphere with declining charges.”
Learn extra: Blackstone sees $30tn non-public credit score alternative
BXCI deployed or dedicated $40bn in direct lending in the course of the third quarter, greater than double the quantity throughout the entire of 2023.
This included participation in offers such because the $7.5bn financing facility for AI enterprise CoreWeave and the $2.7bn facility for website-building platform Squarespace.
“Our world platform offers us energy in each the normal middle-market and rising alternative set for bigger offers out there to few others,” added Gilles Dellaert, world head of BXCI. “Buyers and debtors proceed to acknowledge the advantages that personal capital can present in direct lending and throughout the broader credit score markets.”
Learn extra: Blackstone boss cites 0.3pc default charge on non-public credit score
