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Alternative Market Briefing

Blackstone BCRED raised $32.6bn of cash

Monday, February 28, 2022

Laxman Pai, Opalesque Asia:

American alternative investment management company Blackstone raised $32.5bn of cash last year for its newest perpetual private credit strategy Blackstone Private Credit Fund (BCRED) amid red-hot demand for the growing asset class that offers higher yields and interest payments that rise as inflation jumps.

According to a press release from the world's largest alternative asset manager, BCRED was introduced in January 2021 as a perpetual business development company (BDC), modeled after Blackstone's private real estate product, BREIT.

BCRED is part of Blackstone's $63 billion direct lending business, which is a leader in the market's shift of large-scale debt financings from the public syndicated to the private credit market.

According to market data, Blackstone is among several large lenders in the roughly $1 trillion private-credit market who've been offering products like BCRED for individuals to invest in loans to midsized companies which banks have been reluctant to do.

In 2021, Blackstone Credit participated in 19 direct lending deals over $1 billion, including investments in Auctane (formerly, one of the largest new direct loans ever carried out in private markets, and Inovalon, where Blackstone Credit supported one of the largest healthcare software take-private deals in history.

Joan Solotar, Global Head of Private Wealth Solutions at Blackstone, said: "We launched BCRED last year intending to redef......................

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