Blackstone has raised approximately $1bn for a private credit continuation vehicle, enabling existing investors to exit while the investment firm retains exposure to the underlying loan portfolio, according to a report by Bloomberg.
The report cites unnamed people familiar with ten matter as revealing that Allianz Global Investors is the lead buyer in the transaction, alongside StepStone Group. The vehicle holds assets from Blackstone Capital Opportunities Fund IV, which completed fundraising in 2022.
The original fund delivered a net internal rate of return of 11% as of 30 June, according to Blackstone’s latest financial disclosures. Evercore advised Blackstone on the continuation fund transaction. Some of the loans involved will remain held by other Blackstone-managed funds.
Blackstone and Allianz reportedly declined to comment, while Evercore and StepStone reportedly did not respond to requests for comment.
