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Laxman Pai, Opalesque Asia: BlackRock, the world's largest asset management firm, announced that it has raised $2bn for its flagship opportunistic credit fund, Global Credit Opportunities (GCO).
According to BlackRock, which had $6.84tn in assets under management as of June, the opportunistic credit fund invests in corporate credit assets across all geographies and industries and seeks value throughout the credit cycle.
Investors include the $27.6bn Texas Municipal Retirement System, Austin.
"Investors looking for attractive risk-adjusted returns and portfolio diversification are increasingly looking to credit, where scale and expertise can help generate alpha," BlackRock Global co-head of credit Tim O'Hara said in a statement.
"Building out our opportunistic credit strategy to take advantage of secular trends and cyclical dislocations in the credit markets is a natural evolution of our platform as we continue to bolster a credit business that can deliver for clients across risk spectrums and market cycles," he added.
GCO's successful fundraising builds on BlackRock's broader success in establishing a global private credit franchise, the press release said.
In addition to opportunistic credit, over the last few years, BlackRock has expanded its private credit capabilities in Asian private credit, special situations, and the U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018.
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