Blackstone is aiming to raise $10 billion for the first vintage of its new direct lending fund, which launched in the first quarter of the year and will be marketed to both institutional and insurance clients, according to a report by BuyoutsInsider.
Blackstone is aiming to raise $10 billion for the first vintage of its new direct lending fund, which launched in the first quarter of the year and will be marketed to both institutional and insurance clients, according to a report by BuyoutsInsider.
The report cites president and COO Jonathan Gray as confirming the target size for the new fund in a recent earnings call.
While Blackstone has yet to reveal the investment strategy of the new Blackstone Senior Direct Lending Fund, it will likely borrow from the Blackstone Private Credit Fund (BCRED), according to unnamed sources.
BCRED is a business development company formed in 2020 for individual investors which provides privately originated and negotiated senior secured loans to mid-market and larger US businesses in high-growth, high-value sectors, such as software, technology and healthcare. A high proportion of target borrowers are sponsored by private equity.
