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Latest News  + Alternative Assets  + Private Debt  | 
Blackstone Preparing a $10B Credit Raise

Blackstone Preparing $10B Credit Raise

Blackstone is preparing to launch a $10 billion opportunistic credit fundraise in 2023, following “remarkable” results from the firm’s credit unit.

Blackstone closed its previous fund in the strategy, Blackstone Capital Opportunities Fund IV, in early 2022, providing it $8.75 billion of ammunition.

Blackstone’s CFO, Michael Chae, stated on the company’s Q4 earnings call that the fund would be launched in the “near term” and that the firm also plans to activate its new flagship buyout fund soon, which has raised $18 billion to date towards a target of at least $20 billion, Chae said.

Firm president Jonathan Gray remarked, “Our credit and insurance teams had a remarkable year in 2023, with gross returns of 16.4% in private credit and 13% in liquid credit. These are extraordinary results for a performing credit business.

“The default rate across our nearly 2000 non-investment grade credit is only 30 basis points over the last 12 months.”

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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