Blackstone announced that Blackstone Private Credit Fund (“BCRED”), the firm’s non-listed business development company (“BDC”), broke escrow with approximately $814 million in net proceeds for its continuous public offering on January 7, 2021. With leverage, BCRED may have approximately $1.8 billion of investable capital.

Blackstone Credit manages approximately $135 billion of assets overall and invests across the corporate credit market. BCRED is part of Blackstone Credit’s $21 billion direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle market companies. Leveraging Blackstone’s institutional-caliber investment approach, BCRED aims to provide income-focused individual investors access to private credit in a continuously offered fund structure. BCRED is offered through Blackstone’s global Private Wealth Solutions business, demonstrating the firm’s continued commitment to delivering solutions for individual investors.

Commenting on the announcement, Joan Solotar, Global Head of Private Wealth Solutions, said: “Just as we reimagined the non-traded REIT with BREIT, we are hoping to do the same with private credit and BDCs. The positive initial response to BCRED illustrates the need for income solutions in today’s low rate environment and the compelling opportunity BCRED can provide.”

Dwight Scott, Global Head of Blackstone Credit, said: “Blackstone has built a $21 billion direct lending business, focused on developing long-term partnerships with companies to support their success. With BCRED, we’re excited to give individual investors the same access to our experienced team, scale and deep resources that we provide our institutional clients.”

Brad Marshall, Co-Head of Performing Credit and CEO of BCRED, said: “With BCRED, we’re focused on investing in established, historically stable enterprises with positive cash flows and staying senior in the capital structure. Our scale and resources differentiate us in the market, help us identify investment opportunities and help support the long-term success of the companies we invest in.”

About Blackstone Credit

Blackstone Credit is one of the world’s largest credit-focused asset managers, with $135 billion in assets under management. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

Source: Business Wire