Blackstone saw capital inflows to its nearly $50bn private credit fund for affluent individuals rise by 30% to $2.4bn in the third quarter of the year, the highest level seen in more than year, according to a report by Bloomberg.
The report cites an investor letter seen by Bloomberg as confirming the increase in capital to the the Blackstone Private Credit Fund, BCRED, as well as annualised distribution yield of 10.6% based on net asset value for Class I Common shares.
The increase in inflows highlights a broad rebound for private credit strategies in the second quarter, with 34 new funds raising $71.2 billion over the period, more than double the amount seen in the previous three months. Institutional investors around the globe have continued to add more capital into private credit funds with some 45% of investors expect to boost their allocation to private credit next year.
The report cites unnamed sources with knowledge if the matter as revealing that BCRED’s Q3 inflows came mainly from wealthy individuals in Asia and the US.
