Blackstone Announces 1-Year Anniversary for BCRED, Surpasses $32.6 Billion in Portfolio Assets
February 23, 2022 | Blackstone
$15.8 billion in investor capital raised since inception
Blackstone today announced that Blackstone Private Credit Fund (BCRED), its newest perpetual private credit strategy, has completed its inaugural full year of operations.
Joan Solotar, Global Head of Private Wealth Solutions at Blackstone, said: “We launched BCRED last year with the goal of redefining the way income-focused individual investors calibrate their fixed income portfolios. Five years ago, we structured BREIT, our non-traded REIT, with a similar vision – and we believe the incredible growth and investor reception of both platforms mark a significant sea change in the opportunity set for alternatives.”
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. In 2021, Blackstone Credit participated in 19 direct lending deals over $1 billion, including investments in Auctane (formerly Stamps.com), 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.
Brad Marshall, Blackstone’s Head of North of America Private Credit and CEO of BCRED, said: “Blackstone’s scale and expertise enabled us in one year to build a large, high-quality portfolio of floating rate, senior loans and we believe we are well positioned for what could be an inflationary, rising rate environment. We are seeing a meaningful secular shift toward private credit and are energized by the opportunity to bring our scale and efficient, tailored solutions to even more private businesses and sponsors.”
About Blackstone Private Credit Fund
Blackstone Private Credit Fund (BCRED) is a perpetual-life, institutional quality investment platform that brings private credit to income focused investors. BCRED invests primarily in the debt of private U.S. companies through first lien senior secured loans and is externally managed by a subsidiary of Blackstone (NYSE: BX). Blackstone Credit is one of the world’s largest credit-focused asset managers, with $243 billion in investor capital under management. Further information is available at www.bcred.com.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $881 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at [www.blackstone.com]www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.
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