Blackstone Private Credit Fund Breaks Escrow with Net Proceeds of $814 Million
January 12 2021 - 8:17AM
Business Wire
Blackstone today announced that Blackstone Private Credit Fund
(“BCRED”), the firm’s non-listed business development company
(“BDC”), broke escrow with approximately $814 million in net
proceeds for its continuous public offering on January 7, 2021.
With leverage, BCRED may have approximately $1.8 billion of
investable capital.
Blackstone Credit manages approximately $135 billion1 of assets
overall and invests across the corporate credit market. BCRED is
part of Blackstone Credit’s $21 billion1 direct lending platform,
which provides privately originated, senior secured, floating rate
loans to U.S. and European middle market companies. Leveraging
Blackstone’s institutional-caliber investment approach, BCRED aims
to provide income-focused individual investors access to private
credit in a continuously offered fund structure. BCRED is offered
through Blackstone’s global Private Wealth Solutions business,
demonstrating the firm’s continued commitment to delivering
solutions for individual investors.
Commenting on the announcement, Joan Solotar, Global Head of
Private Wealth Solutions, said: “Just as we reimagined the
non-traded REIT with BREIT, we are hoping to do the same with
private credit and BDCs. The positive initial response to BCRED
illustrates the need for income solutions in today’s low rate
environment and the compelling opportunity BCRED can provide.”
Dwight Scott, Global Head of Blackstone Credit, said:
“Blackstone has built a $21 billion direct lending business,
focused on developing long-term partnerships with companies to
support their success. With BCRED, we’re excited to give individual
investors the same access to our experienced team, scale and deep
resources that we provide our institutional clients.”
Brad Marshall, Co-Head of Performing Credit and CEO of
BCRED, said: “With BCRED, we’re focused on investing in
established, historically stable enterprises with positive cash
flows and staying senior in the capital structure. Our scale and
resources differentiate us in the market, help us identify
investment opportunities and help support the long-term success of
the companies we invest in.”
About Blackstone Credit
Blackstone Credit is one of the world’s largest credit-focused
asset managers, with $135 billion in assets under management. We
seek to generate attractive risk-adjusted returns for our clients
by investing across the entire corporate credit market, from public
debt to private loans. Our capital supports a wide range of
companies across sectors and geographies, enabling businesses to
expand, invest, and navigate changing market environments.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $584 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity, life sciences,
growth equity, opportunistic, non-investment grade credit, real
assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
Forward-Looking Statements
Certain information contained in this communication constitutes
“forward-looking statements” within the meaning of the federal
securities laws and the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by the use
of forward-looking terminology, such as “outlook,” “indicator,”
“believes,” “expects,” “potential,” “continues,” “may,” “can,”
“will,” “should,” “seeks,” “approximately,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates”, “confident,” “conviction,”
“identified” or the negative versions of these words or other
comparable words thereof. These may include financial projections
and estimates and their underlying assumptions, statements about
plans, objectives and expectations with respect to future
operations, statements regarding future performance, statements
regarding economic and market trends and statements regarding
identified but not yet closed investments. Such forward-looking
statements are inherently uncertain and there are or may be
important factors that could cause actual outcomes or results to
differ materially from those indicated in such statements. BCRED
believes these factors also include but are not limited to those
described under the section entitled “Risk Factors” in its
prospectus, and any such updated factors included in its periodic
filings with the Securities and Exchange Commission (the “SEC”),
which are accessible on the SEC’s website at www.sec.gov. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this document (or BCRED’s prospectus and other filings). Except
as otherwise required by federal securities laws, BCRED undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
1 As of September 30, 2020
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Blackstone Kate Holderness kate.holderness@blackstone.com
+1 917 318 6818
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