Blackstone is expanding its presence in asset-based finance with the launch of a dedicated platform focused on lending secured by physical collateral such as equipment, inventory, and other hard assets, according to a report by Bloomberg.
The report cites a company statement as revealing that the firm’s credit and insurance arm, Blackstone Credit & Insurance, has established a new strategy unit called SablePointe Credit Strategies, which will originate, structure, and manage senior secured asset-based loans as well as first-out credit facilities for corporate borrowers.
Leadership of the new platform has been assigned to James Garlick, co-founder of specialty finance firm Wingspire Capital, who joins as president of SablePointe. Wingspire is backed by Blue Owl Capital.
Initially, SablePointe will support Blackstone Credit & Insurance’s existing asset-based and first-out direct lending strategies, with plans to expand into additional specialty credit segments over time. The unit is based in Alpharetta, Georgia.
The move reflects a broader industry shift as private credit firms seek to diversify beyond traditional corporate direct lending, a segment that has faced increased scrutiny over underwriting standards. Managers including Apollo Global Management, KKR & Co, and Pacific Investment Management Company (PIMCO) have been building exposure to asset-backed lending, positioning it as more conservatively structured due to its reliance on tangible collateral such as infrastructure, aircraft, and telecom assets.
Speaking on the development, Jack Ervasti, managing director within Blackstone Credit & Insurance’s infrastructure and asset-based credit team, said demand from sponsors and lending partners has been rising for collateral-backed financing solutions, with investors increasingly focused on downside protection.
