Blackstone Closes First Series of Evergreen Institutional U.S. Direct Lending Fund with $22 Billion of Investable Capital; Brings Global Direct Lending Platform to over $123 Billion in AUM
Blackstone has successfully closed its first series of evergreen institutional U.S. direct lending fund (BXD) with $22 billion of investable capital, significantly exceeding the $10 billion target. This achievement expands Blackstone's global direct lending platform to over $123 billion in assets under management as of Q3. The company has already deployed or committed $40 billion in direct lending through Q3, more than double the 2023 total, including major deals with CoreWeave ($7.5B), Squarespace ($2.7B), and several middle-market transactions.
Blackstone ha chiuso con successo la sua prima serie di fondi di prestito diretto istituzionale evergreen negli Stati Uniti (BXD) con 22 miliardi di dollari di capitale investibile, superando significativamente l'obiettivo di 10 miliardi di dollari. Questo traguardo amplia la piattaforma globale di prestito diretto di Blackstone a oltre 123 miliardi di dollari in attivi gestiti a partire dal terzo trimestre. L'azienda ha già investito o impegnato 40 miliardi di dollari in prestiti diretti fino al terzo trimestre, più del doppio del totale del 2023, includendo importanti accordi con CoreWeave (7,5 miliardi di dollari), Squarespace (2,7 miliardi di dollari) e diverse transazioni nel mercato di mezzo.
Blackstone ha cerrado con éxito su primera serie de fondos de préstamos directos institucionales evergreen en EE. UU. (BXD) con 22 mil millones de dólares de capital invertible, superando significativamente el objetivo de 10 mil millones de dólares. Este logro expande la plataforma global de préstamos directos de Blackstone a más de 123 mil millones de dólares en activos bajo gestión a partir del tercer trimestre. La compañía ya ha desplegado o comprometido 40 mil millones de dólares en préstamos directos hasta el tercer trimestre, más del doble del total de 2023, incluidas importantes operaciones con CoreWeave (7,5 mil millones de dólares), Squarespace (2,7 mil millones de dólares) y varias transacciones en el mercado de medianas empresas.
블랙스톤은 220억 달러의 투자 가능 자본으로 미국 직접 대출 기금(BXD)의 최초의 에버그린 기관 시리즈를 성공적으로 마감하여 100억 달러의 목표를 크게 초과했습니다. 이 성과는 3분기 기준으로 블랙스톤의 전 세계 직접 대출 플랫폼을 1230억 달러 이상의 관리 자산으로 확대합니다. 이 회사는 이미 3분기까지 400억 달러를 직접 대출에 배치하거나 약속하였으며, 이는 2023년 전체의 두 배 이상에 해당하며, CoreWeave(75억 달러), Squarespace(27억 달러)와의 주요 거래 및 여러 중소 시장 거래를 포함합니다.
Blackstone a réussi à clôturer sa première série de fonds de prêt direct institutionnels evergreen aux États-Unis (BXD) avec 22 milliards de dollars de capital investissable, dépassant ainsi de manière significative l'objectif de 10 milliards de dollars. Cet exploit élargit la plateforme mondiale de prêts directs de Blackstone à plus de 123 milliards de dollars d'actifs sous gestion au troisième trimestre. L'entreprise a déjà déployé ou engagé 40 milliards de dollars en prêts directs jusqu'au troisième trimestre, soit plus du double du total de 2023, y compris des transactions majeures avec CoreWeave (7,5 milliards de dollars), Squarespace (2,7 milliards de dollars) et plusieurs transactions sur le marché intermédiaire.
Blackstone hat erfolgreich seine erste Reihe von Evergreen-Investitionsfonds für institutionelle Direktkredite in den USA (BXD) mit 22 Milliarden US-Dollar an investierbarem Kapital geschlossen, was das Ziel von 10 Milliarden US-Dollar erheblich übersteigt. Dieser Erfolg erweitert die globale Direktkreditplattform von Blackstone auf über 123 Milliarden US-Dollar an verwaltetem Vermögen zum dritten Quartal. Das Unternehmen hat bereits bis zum dritten Quartal 40 Milliarden US-Dollar in Direktkrediten bereitgestellt oder zugesagt, mehr als das Zweifache der Gesamtzahl für 2023, einschließlich bedeutender Geschäfte mit CoreWeave (7,5 Milliarden US-Dollar), Squarespace (2,7 Milliarden US-Dollar) und mehreren Transaktionen im Mittelstand.
- Exceeded fundraising target by more than 100% ($22B vs $10B target)
- Global direct lending platform reached $123B in AUM
- Direct lending deployment doubled YoY to $40B through Q3
- Successfully executed major deals including CoreWeave ($7.5B) and Squarespace ($2.7B)
- None.
Insights
This
The fund's deployment metrics are particularly noteworthy, with
With anticipated declining rates, BX is strategically positioned to capitalize on increased deal flow and potentially wider spreads. Their scale advantage and diverse lending capabilities across both middle-market and large-cap segments provide significant competitive advantages in deal sourcing and risk management.
The successful fundraise indicates strong institutional appetite for private credit strategies, particularly in direct lending. This trend is driven by investors seeking yield enhancement and portfolio diversification in a challenging market environment. The ability to raise capital significantly above target suggests robust demand and potential pricing power for premium managers like Blackstone.
The fund's evergreen structure is particularly appealing, offering institutional investors greater flexibility compared to traditional fixed-term vehicles. Their recent deal activity, spanning technology (CoreWeave), digital services (Squarespace) and traditional middle-market segments, demonstrates the platform's versatility and ability to capture opportunities across market cycles.
“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
“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."
About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029220770/en/
Thomas Clements
(646) 482-6088
Thomas.Clements@blackstone.com
Source: Blackstone
FAQ
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