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Blackstone Expands Leadership Team in Growing Private Credit Business
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Blackstone (NYSE: BX) has appointed Brad Marshall as the Global Head of Private Credit Strategies, enhancing his role as Chairman and co-CEO of its BDCs, Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (BXSL). Jonathan Bock joins as Co-CEO, previously CEO of Barings BDC. Blackstone Credit's assets under management have surged 135% to $234 billion over five years. This leadership expansion aims to meet growing demand for private credit solutions globally, indicating strong market positioning and opportunity.
Positive
Brad Marshall's promotion reflects strong leadership in private credit.
Jonathan Bock brings extensive experience and industry knowledge.
Blackstone Credit's AUM growth of 135% indicates robust performance.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Blackstone (NYSE: BX) today announced that Brad Marshall,who has beenleading the firm’s direct lending efforts for nearly 17 years, has been promoted to Global Head of Private Credit Strategies (PCS), adding to his role as Chairman and co-CEO of the firm’s two business development companies (BDCs), Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (NYSE: BXSL). Jonathan Bock,formerly the CEO of Barings BDC and a top ranked Equity Analyst at Wells Fargo, has joined the firm to serve alongside Brad as Co-CEO of the firm’s BDCs.
The new leadership roles correspond with the significant expansion of Blackstone Credit, where total assets under management have grown 135% over the past five years to $234 billion. PCS makes up approximately half of Blackstone Credit’s business today and includes the BDCs.
Dwight Scott, Global Head of Blackstone Credit, said: “Blackstone Credit and our BDCs have seen extraordinary growth over the past five years. Elevating Brad and adding Jonathan to our leadership team will help us continue to meet the strong customer demand for private credit strategies globally. Our BDC portfolios have broad exposure across sectors, comprising primarily senior secured, floating rate debt, and we believe they are well positioned for the current environment.”
Brad Marshall said: “Jonathan is a long-time friend and an exceptional thought leader in the BDC space, and I’m delighted to have his partnership as we continue to expand our business. Blackstone Credit’s tremendous growth in the last five years, when combined with the secular shift towards private credit and a very attractive market opportunity today, create a platform design that will benefit from Jonathan’s knowledge and experience.”
Jonathan Bock added: “Blackstone is a global leader in private credit and a company I’ve long admired. I’m excited to join the world-class team and help build on the successful platform they’ve created.”
Jonathan Bock Bio:
Prior to joining Blackstone, Jonathan was CEO of Barings BDC. In addition to this role, he served as Co-CEO and President of Barings Private Credit Corporation, and Chief Financial Officer of Barings Capital Investment Corporation, Barings Corporate Investors, and Barings Participation Investors. Prior to joining Barings in July 2018, Jonathan was a Managing Director and Senior Equity Analyst at Wells Fargo Securities specializing in BDCs. He has actively followed the BDC space since 2006 and was the chief author of a leading BDC quarterly research publication: the BDC Scorecard. Jonathan holds a bachelor’s degree in finance from the University of Illinois College of Business and is a member of the CFA Institute.
About Blackstone Credit:
Blackstone Credit is one of the world's largest credit-focused asset managers, with $234 billion in AUM. 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.
What recent changes in leadership occurred at Blackstone?
Blackstone promoted Brad Marshall to Global Head of Private Credit Strategies and appointed Jonathan Bock as Co-CEO of its BDCs.
How have Blackstone's assets under management changed recently?
Blackstone Credit's assets under management have increased by 135% over the past five years, reaching $234 billion.
What is the significance of Brad Marshall's new role for investors?
Brad Marshall's promotion signals strong leadership and strategic direction in managing Blackstone's private credit offerings, which may benefit investors.
Who is Jonathan Bock and what does his role entail at Blackstone?
Jonathan Bock is the new Co-CEO of Blackstone's BDCs, joining from Barings BDC, where he brings significant experience in the BDC space.
What are the prospects for Blackstone's private credit strategies?
With a significant increase in AUM and new leadership, Blackstone is well-positioned to address the rising demand for private credit strategies.
