Blackstone has received regulatory approval from the US Securities and Exchange Commission (SEC) for its new evergreen fund, the Blackstone Private Multi-Asset Credit and Income Fund (BMACX), targeting individual investors, according to a report by Citywire.
Expected to launch in Q2 2024, BMACX will provide exposure to Blackstone’s expansive credit platform, investing across corporate credit, asset-based, and real estate credit, as well as structured and liquid credit strategies.
The fund aligns with Blackstone’s broader push to deliver institutional-grade alternative investment solutions to individual investors, complementing its flagship strategies in private equity, real estate, and infrastructure. Notably, it joins the ranks of Blackstone’s $54bn Blackstone Real Estate Investment Trust (BREIT) and the Blackstone Private Credit Fund (BCRED), two of the most prominent vehicles in the firm’s private wealth platform.
Designed as an interval fund, BMACX will allow for daily subscriptions and offer quarterly liquidity of up to 5% of net asset value (NAV), subject to board discretion. Entry requirements start at $2,500, depending on share class.
The fund’s fee structure includes an annual management fee of 0.75% and an incentive fee of 12.5% on income, subject to a 5% annualised hurdle rate with full catch-up. For the S share class, total annual expenses could reach 7.04% or 5.84% if fee waivers and expense reimbursements apply, as outlined in the prospectus.
Leading alternative asset managers, including KKR, Ares Management, and Apollo Global Management, have all launched similar vehicles to meet demand from high-net-worth investors.
