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BlackRock revamps private credit business with launch of new division
Written by Adam Cadle
17/09/2024
BlackRock is revamping its private credit business with the launch of a new division and a management shake-up.
The world’s largest asset manager is setting up a new unit, Global Direct Lending, according to Bloomberg, and is appointing Stephan Caron, head of its European middle-market private debt business, to lead the division.
Jim Keenan, the global head of BlackRock’s private debt business, will be leaving next year, as will Raj Vig, co-head of US private capital.
“Private credit is one of the firm’s top priorities,” Rich Kushel, head of BlackRock’s portfolio management group, said in a memo cited by Bloomberg.
“This new structure will increase collaboration and alignment as we expand and develop our capabilities while maintaining the discreet investment processes that underpin each franchise.”
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