Blackstone has closed the primary sequence 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 international direct lending platform to over $123bn in belongings underneath administration as of the third quarter.
Learn extra: Blackstone reviews report AUM as fund worth swells
“This capital elevate displays our long-term power in personal credit score, our international attain throughout corporates and sponsor-led transactions, and our potential so as to add worth to the businesses with which we companion,” mentioned Brad Marshall, international head of personal credit score methods at Blackstone Credit score & Insurance coverage (BXCI), the merged division created final 12 months.
“We consider our scale and breadth of options place us extraordinarily effectively throughout what we count on to be an lively transaction setting with declining charges.”
Learn extra: Blackstone sees $30tn personal credit score alternative
BXCI deployed or dedicated $40bn in direct lending throughout 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 international platform offers us power in each the standard middle-market and rising alternative set for bigger offers accessible to few others,” added Gilles Dellaert, international 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 price on personal credit score