Blackstone Announces 1-Year Anniversary for BCRED, Surpasses $32.6 Billion in Portfolio Assets

$15.8 billion in investor capital raised since inception
NEW YORK – February 23, 2022 – Blackstone today announced that Blackstone Private Credit Fund (BCRED), its newest perpetual private credit strategy, has completed its inaugural full year of operations.
Joan Solotar, Global Head of Private Wealth Solutions at Blackstone, said: “We launched BCRED last year with the goal of redefining the way income-focused individual investors calibrate their fixed income portfolios. Five years ago, we structured BREIT, our non-traded REIT, with a similar vision – and we believe the incredible growth and investor reception of both platforms mark a significant sea change in the opportunity set for alternatives.”
BCRED was introduced in January 2021 as a perpetual business development company (BDC), modeled after Blackstone’s private real estate product, BREIT. BCRED is part of Blackstone’s $63 billion direct lending business, which is a leader in the market’s shift of large-scale debt financings from the public syndicated to the private credit market. In 2021, Blackstone Credit participated in 19 direct lending deals over $1 billion, including investments in Auctane (formerly Stamps.com), one of the largest new direct loans ever carried out in private markets, and Inovalon, where Blackstone Credit supported one of the largest healthcare software take-private deals in history.
Brad Marshall, Blackstone’s Head of North of America Private Credit and CEO of BCRED, said: “Blackstone’s scale and expertise enabled us in one year to build a large, high-quality portfolio of floating rate, senior loans and we believe we are well positioned for what could be an inflationary, rising rate environment. We are seeing a meaningful secular shift toward private credit and are energized by the opportunity to bring our scale and efficient, tailored solutions to even more private businesses and sponsors.”