Dwight Scott, the executive who played a pivotal role in growing Blackstone Inc’s credit division into a $330bn powerhouse, is retiring from the firm after 16 years, according to a report by Bloomberg citing an internal memo.
Scott, 61, joined Blackstone in 2008 through its acquisition of asset management firm GSO Capital Partners, a deal that laid the foundation for Blackstone’s credit business.
Last year, Blackstone reorganised its operations, consolidating several groups, including credit, under one leadership structure, a move that elevated Gilles Dellaert to lead the newly formed Blackstone Credit and Insurance (BXCI) unit, with Scott taking on the role of Chairman of BXCI and relocating to London to help develop the European credit business.
In a memo, Blackstone CEO Steve Schwarzman and President Jon Gray described Scott’s departure as “bittersweet,” praising him for his significant contributions in shaping and expanding the credit business.
When Scott joined Blackstone, GSO managed just $10bn, primarily in corporate credit. Today, BXCI’s $330bn portfolio includes asset-based lending, sustainable resources, infrastructure debt, collateralised loan obligations, and direct lending, with some of these services managed for insurance companies.
Blackstone is aiming to increase its total credit assets to $1tn within the next decade, amid growing competition as alternative asset managers vie for market share from traditional banks. The firm is also known for attracting retail investors with products such as the Blackstone Private Credit Fund (BCRED).
