Blackstone Private-Credit BDC Raised $32 Billion of Cash in 2021
- Lender participated in 19 loans above $1 billion last year
- BCRED fund delivered 12.4% total net return to investors
Outside the Blackstone headquarters in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Blackstone Inc. raised $32.6 billion of cash last year for a new private-credit fund amid red-hot demand for the growing asset class that offers higher yields and interest payments that rise as inflation jumps.
The firm’s Blackstone Private Credit Fund, an unlisted business development company that launched in January 2021 and mainly invests in first-lien loans, delivered a 12.4% total net return last year, according to its website. That far exceeds the market return for leveraged loans of 5.2% in the same period, though the BCRED fund generated additional returns in part by investing borrowed money alongside investors’ equity.