Blackstone plans to double the size of its European private credit fund in the next year after raising €1bn from the region’s rich to invest in the booming $1.7tn market in private corporate loans. The private equity giant has taken nearly two years to reach the milestone following the 2022 launch of its European Private Credit Fund, known as ECRED, which aims to replicate the success of its $54bn US flagship fund.
Blackstone Credit has committed more than $3bn in Europe in the first half of this year, across transactions involving IRIS Software, Zellis, Focus Group, Rimes and PIB. It is also set to finance TPG’s acquisition of Aareon, announced on Monday. “These are normal, creditworthy, big companies, not funky, not distressed, not complex, not lender of last resort.