Blackstone Strikes $20 Billion Private Credit Deal With L&G

Blackstone Inc. has signed a private credit partnership with Legal & General Group Plc that the two firms aim to grow to up to $20 billion over the next five years, according to a Blackstone spokesperson.

The tie-up will see the New York-based alternative fund giant originate investment-grade private credit deals for the UK insurer’s annuities business, while also spawning public-private hybrid credit solutions alongside L&G’s asset management unit, according to a statement seen by Bloomberg News.