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Laxman Pai, Opalesque Asia:

American alternative investment management company Blackstone amassed about $22 billion of capital, including anticipated leverage, for a new semi-liquid US direct lending fund targeting institutional investors.

Blackstone Senior Direct Lending Fund (BXD) surpassed the firm's $10 billion target. The close includes the evergreen fund and related vehicles and brings Blackstone's direct lending AUM to over $123 billion.

The fund structure is a hybrid between drawdown funds, where investors agree to lock up capital for a certain number of years, and traditional evergreen funds, which have no set maturity but let investors buy in and out periodically. The fund is focused on lending in large-cap and middle-market transactions, according to the statement.

"This capital raise reflects our long-term strength in private credit, our global reach across corporates and sponsor-led transactions, and our ability to add value to the companies with which we partner," said Brad Marshall, Global Head of Private Credit Strategies at Blackstone Credit & Insurance (BXCI).

According to a press release from the world's largest alternative asset manager, BXCI deployed or committed $40 billion in direct lending through the third quarter, more than double the total for all of 2023.

This includes lead roles in some of the largest deals of the year with CoreWeave ($7.5B), Squarespace ($2.7B), Fidelis ($2B), and Davies (GBP1.5B), as well as recent propr......................

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