10.29.2024

Blackstone Closes $22bn U.S. Direct Lending Fund

10.29.2024
Securities Lending Sees Resurgence

Blackstone announced the final close of the first series of its evergreen institutional U.S. direct lending fund, Blackstone Senior Direct Lending Fund (“BXD”). Blackstone has closed on approximately $22 billion of investable capital for the inaugural series of BXD and related vehicles, including anticipated leverage, exceeding our $10 billion target. This brings Blackstone’s global direct lending platform to over $123 billion in assets under management as of the third quarter.

“This capital raise reflects our long-term strength in private credit, our global reach across corporates and sponsor-led transactions, and our ability to add value to the companies with which we partner,” said Brad Marshall, Global Head of Private Credit Strategies at Blackstone Credit & Insurance (“BXCI”). “We believe our scale and breadth of solutions position us extremely well during what we expect to be an active transaction environment with declining rates.”

BXCI deployed or committed $40 billion in direct lending through the third quarter, more than double the total for all of 2023. This includes lead roles in some of the largest deals of the year with CoreWeave ($7.5B), Squarespace ($2.7B), Fidelis ($2B), and Davies (£1.5B), as well as recent proprietary middle-market transactions for Permira’s Acuity Knowledge Partners ($600M), Graham Partners’ Gatekeeper Systems ($550M), and publicly listed Loar ($360M), where BXCI served as the sole lender.

“Our global platform gives us strength in both the traditional middle-market and growing opportunity set for larger deals available to few others,” added Gilles Dellaert, Global Head of BXCI. “Investors and borrowers continue to recognize the benefits that private capital can provide in direct lending and across the broader credit markets.”

Source: Blackstone

Celebrating women shaping European finance
European Women in Finance Awards deadline is Aug 23
#WomeninFinance #Finance #WIF
Nominate here: https://www.jotform.com/form/250276204100339

As Cboe Data Vantage scales globally, Adam Inzirillo discusses our APAC expansion, plans to launch dedicated cores in Canada and preparation for 24×5 U.S. equities trading, pending regulatory approval – full story in @marketsmedia: https://bit.ly/4kQx3mC

Load More

Related articles

  1. The largest European asset manager will present a new three-year strategic plan in the fourth quarter.

  2. Will Robos Transform The Wealth Management Industry?

    AV is among 17 fund managers added to the platform, joining BlackRock, Hamilton Lane, and KKR.

  3. New technology could offer an Amazon of funds for an individual investor.

  4. Chalom led the launch of the iShares Ethereum Trust, the largest Ethereum ETP with over $10bn in assets. 

  5. Instinet authorised for cash research payments

    The manager expanded its credit strategies through its acquisition of AS Birch Grove this year.