Blackstone and UK-based insurance and investment giant Legal & General have announced a strategic partnership focused on private credit, as demand for alternative lending continues to grow among global institutional investors, according to a report by Bloomberg.
Under the agreement, Legal & General’s annuities business will gain access to US investment-grade private credit opportunities via Blackstone. The firm plans to allocate up to 10% of new annuity business flows into these assets, potentially deploying billions of pounds over time.
The partnership aligns with Legal & General CEO Antonio Simoes’ strategy to expand the firm’s presence in the US and strengthen its position in the private credit market. With £1.1tn ($1.5tn) in assets under management, L&G is Britain’s largest investment firm.
The move comes amid a wave of activity in the private credit space, with major financial institutions like Citi, UBS, and Capital Group forming partnerships with established players such as Apollo, General Atlantic, and KKR. Meanwhile, BlackRock recently acquired HPS Investment Partners for $12 billion, and HSBC has opted to build out its own private credit capabilities.
