Blackstone to merge insurance and credit groups

Written by Michael Griffiths

14/09/2023

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

Credit and insurance has been Blackstone’s fastest-growing segment – more than doubling to $295bn in assets under management (AuM) over the last three years.

Blackstone’s businesses 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.

The asset manager said the new structure will further accelerate growth by creating a more seamless experience for clients and borrowers. BXCI will offer a one-stop solution across corporate and asset-based, as well as investment grade and non-investment grade, private credit.

Co-founder, chairman and CEO of Blackstone, Steve Schwarzman, said: “We see the opportunity for BXCI, along with real estate credit, to reach $1trn in the next 10 years.”

President and COO of Blackstone, Jon Gray, added: “Exceptional demand from our clients has made credit and insurance the fastest-growing segment at Blackstone. This integration allows us to be an even more effective lender and more comprehensively serve our insurance, pension fund and private wealth clients.”

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