Blackstone Merges Credit, Insurance Businesses in Push for $1T Goal

Blackstone announced it is integrating its corporate credit, asset-based finance and insurance groups into a single new unit, Blackstone Credit & Insurance (BXCI).

BXCI will offer a “one-stop” solution across corporate and asset-based, as well as investment grade and non-investment grade, private credit.

The firm has set a goal to grow total credit assets to $1 trillion within a decade.

“We see the opportunity for BXCI, along with Real Estate Credit, to reach $1 trillion in the next ten years,” said Blackstone chairman and CEO Steve Schwarzman.

Gilles Dellaert, global head of Blackstone Insurance, will serve as global head of BXCI and lead the business’s combined operations. Dwight Scott, global head of Blackstone Credit, will serve as chairman. Jonathan Pollack will continue to lead Blackstone’s $67 billion Real Estate Credit business as global head of Real Estate Credit.

Credit and insurance are the alternative asset manager’s fastest-growing segment – more than doubling to $295 billion in assets under management over the last three years, according to the firm.

Blackstone’s $1 trillion in assets include the largest BDC (BCRED); largest private credit energy transition fund (BGREEN); largest manager of CLOs and senior loans in the world; and the second-largest alternative manager of insurance assets.