Alternative investment giant Blackstone has opened its retail private credit fund ECRED to retail investors in France as part of an exclusive partnership with BNP Paribas’ wealth management and Cardif companies.
The report cites Anthony Guerra, a Principal at Blackstone’s Private Wealth Solutions, at a press conference, where he explained that the evergreen fund will be accessible via life insurance policies with a €10,000 ($10,750) entry point. He added that investors will be able to invest twice a month, while redemptions will be limited to 2% of the fund’s size once a month, or 5% every quarter.
Blackstone’s partnership with BNP Paribas means that they will distribute the offer until 5 April, but the firm intends to work with others beyond this date and expand within Europe.
Rashmi Madan, Senior Managing Director and Head of EMEA Private Wealth Solutions at Blackstone, said: “We do have plans to launch more local products in private credit for other European jurisdictions.”
Blackstone and its competitors have employed a similar strategy with funds in the US, where yields are typically higher but come with equally higher risk. Now, Europe beckons, with an estimated $50tn cash pile held by the continent’s affluent investors.
