Blackstone raises $1B to let private credit investors cash out
What's the deal? Blackstone has raised roughly $1 billion for a private credit continuation fund, letting existing investors exit while the firm retains exposure to the underlying loan portfolio, BloombergDealroom has a profile for this one. Try Dealroom → reports. Allianz Global InvestorsDealroom has a profile for this one. Try Dealroom → is the lead buyer, alongside StepStone Group.
The details: The vehicle holds assets from Blackstone Capital Opportunities Fund IVDealroom has a profile for this one. Try Dealroom →, which finished fundraising in 2022. That fund delivered a net internal rate of return of 11% as of June 30, per Blackstone's latest disclosures.
Who else is involved? EvercoreDealroom has a profile for this one. Try Dealroom → advised Blackstone on the transaction. Some of the loans will remain held by other Blackstone-managed funds.
Blackstone and Allianz declined to comment; Evercore and StepStone did not respond to requests for comment.
The signal: Continuation funds let managers hold onto maturing assets longer while offering liquidity to investors ready to exit — a tool increasingly common as private credit swells. For Blackstone, it keeps the firm tied to a performing loan book without forcing a sale.
Read more: privateequitywire.co.uk
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