Blackstone Inc. is testing a new way to bring in cash from rich Europeans. If it succeeds, the private equity powerhouse stands to draw billions to the fast-growing and risky world of private credit.
Blackstone’s fund will be the first of its kind in Europe, where direct lending has exploded into a $300 billion industry in the span of a few years, and a shift in how the funds are traditionally structured. Usually, non-bank lenders run closed-end funds over a set number of years, and fees are only paid on invested capital.
With the new fund, which will be regulated as a SICAV — a type of investment firm common in Europe — and based in Luxembourg, Blackstone is seeking to replicate its success at targeting high net-worth clients in the US. The Blackstone Private Credit fund was opened up to American investors in 2021 and has ballooned to $37.8 billion.
Read more: BNN Bloomberg
