Fixed Income
Blackstone Taps Vast Source of Cash in $1 Trillion Credit Push
Like Apollo and KKR, the buyout giant is forging close ties with insurance firms as it hunts for new business and ready money. Regulators are starting to worry.
Gilles Dellaert, global head of credit and insurance for Blackstone.
Photographer: Christopher Goodney/BloombergThis article is for subscribers only.
A couple of years ago Clive Cowdery had a problem. The large life insurer that he’d founded was amassing customer cash faster than it could find ways to put that hoard to work.
As payments piled up at Resolution Life, two of every three dollars sat idle. The company decided it couldn’t hang around for its in-house crew to scour the globe for the bonds, mortgages and other assets in which insurers typically invest people’s money. So it turned to Blackstone Inc.