Blackstone raises $1bn for private credit continuation fund
Blackstone has raised approximately $1bn for a private credit continuation vehicle, enabling existing investors to exit while the investment firm retains exposure to the underlying loan portfolio, according to a report by Bloomberg.
Blackstone successfully raised approximately $1 billion for a continuation private credit vehicle, allowing current investors to exit the investment while Blackstone maintains a stake in the underlying loan portfolio, stated Bloomberg. Unnamed sources familiar with the matter disclosed that the lead purchaser was Allianz Global Investors, partnered with StepStone Group.
The fund holds assets from Blackstone Capital Opportunities Fund IV, which had completed fundraising in 2022. The original fund achieved a net internal rate of return of 11% as of June 30th, according to Blackstone's most recent financial reports. Evercore was the financial advisor for the Blackstone transaction. Some of the loans will be retained by other Blackstone-managed funds.
Both Blackstone and Allianz declined to comment, while Evercore and StepStone did not respond to inquiries for comment.
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