Funds managed by Blackstone Credit score & Insurance coverage (BXCI) have taken a minority share in ITE Administration, and the 2 corporations have agreed to a strategic ahead circulation partnership.
Below the phrases of the partnership, BXCI goals to supply ITE with as much as $2bn (£1.56bn) of capital for investments and financing.
ITE Administration is an alternate asset supervisor which specialises in transportation infrastructure. The BXCI funding and strategic partnership is meant to boost ITE’s management place within the transportation infrastructure sector.
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“ITE is a revered chief within the transportation infrastructure house, the place they personal, function, and finance vital property that assist key segments of the US financial system,” stated Robert Horn, world head of infrastructure and asset primarily based credit score at BXCI.
“We’re excited to accomplice with ITE on massive scale transportation infrastructure funding alternatives throughout the capital construction and return spectrum.”
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“This funding and partnership with Blackstone is recognition of ITE’s main place in transportation infrastructure finance and the rising alternative set throughout the sector,” added Jason Koenig, co-founder of ITE.
“Our agency will profit from Blackstone’s debt and fairness financing in addition to its expansive world community.”
ITE has greater than $10bn in property and focuses on asset-backed investments. In the meantime, BXCI’s infrastructure and asset primarily based credit score platform manages over $90bn and has over 70 funding professionals.
Transaction proceeds might be directed in the direction of rising current ITE merchandise and funding progress initiatives, together with new merchandise and platforms, the businesses stated. ITE will proceed to function independently underneath the continuing management of co-founders Koenig and David Smilow.
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