Blackstone Raises $1 Billion For Private Credit Continuation Fund As Secondaries Boom
Blackstone (NYSE: BX ) has secured approximately $1 billion for its private credit continuation fund that allows existing investors to exit while the firm retains control of the underlying loan assets. Allianz Global Investors is leading the investment in the new vehicle, which holds assets from Blackstone Capital Opportunities Fund IV, a fund that completed its fundraising in 2022, people familiar with the transaction told Bloomberg. StepStone Group is also participating as a buyer, with Evercore advising Blackstone on the process. The original fund posted an 11% net internal rate of return as of June 30. Other Blackstone funds also retain exposure to some of the same loans, Bloomberg noted. Read Also: OpenAI Says Three Departing Researchers Violated Sensitive Information Policies Amid Safety Dispute Private Credit Secondaries Gain Momentum The private-credit secondaries market has been expanding quickly, as a growing subset of investors are utilizing the secondary market to address a broad range of liquidity and portfolio management needs. from Ares Management. In 2024, the credit secondaries transaction volume totaled $15 billion. That’s a fivefold increase
Blackstone (NYSE: BX ) has secured approximately $1 billion for its private credit continuation fund that allows existing investors to exit while the firm retains control of the underlying loan assets. Allianz Global Investors is leading the investment in the new vehicle, which holds assets from Blackstone Capital Opportunities Fund IV, a fund that completed its fundraising in 2022, people familiar with the transaction told Bloomberg. StepStone Group is also participating as a buyer, with Evercore advising Blackstone on the process. The original fund posted an 11% net internal rate of return as of June 30.
Other Blackstone funds also retain exposure to some of the same loans, Bloomberg noted. Read Also: OpenAI Says Three Departing Researchers Violated Sensitive Information Policies Amid Safety Dispute Private Credit Secondaries Gain Momentum The private-credit secondaries market has been expanding quickly, as a growing subset of investors are utilizing the secondary market to address a broad range of liquidity and portfolio management needs. from Ares Management. In 2024, the credit secondaries transaction volume totaled $15 billion.
That’s a fivefold increase from 2019. Ares credits greater awareness and education about the asset class, paired with increased dedicated capital formation, for driving more sellers to transact. ” Secondaries Dealmaking Activity In August, 16 billion for a new fund focused on private credit investments in the secondary market. 4 billion) of bundled interests in a flagship European direct-lending fund, potentially making it one of the largest private credit sales on record.
In June, GIC Pte tapped investment banking firm Evercore Inc. to advise on a potential divestment of private credit fund assets. Singapore’s sovereign wealth fund has been allocating to private credit for years and is now considering selling a portion of those positions as they mature. 2 billion private credit continuation vehicle for Crescent Capital.
3 billion private credit continuation vehicle, led by Coller Capital. , True Food Kitchen Bankruptcy