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Blackstone Inc. is seeking to raise at least $8bn for its private credit fund targeting investments in renewable energy and digital infrastructure, according to sources. The fund will provide loans to companies involved in the energy transition, including energy security, power and utilities, data centers and semiconductor financing. The previous fund closed with $7.1bn in 2023 and had generated a 15% net internal rate of return as of June 30. The fundraising effort also reflects Blackstone’s growing exposure to the infrastructure supporting AI, which has become an important driver of the firm’s investment performance. 9 of its 10 best-appreciating investments are reportedly linked to data centers, energy, power and large language models. The new fundraising comes as larger alternative-asset managers continue to attract capital at a faster pace than smaller competitors. Blackstone raised more than $260bn over the past 12 months, a 24% increase from the preceding period, according to Chief Financial Officer Michael Chae. He said institutional demand for private credit remains strong despite weaker demand from retail investors.
Its 6.25% 2031s traded stable at 98.6, yielding 6.6%
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