Blackstone Hires Executives For Global Direct Lending Platform

Blackstone oversees some $684 billion in assets including its credit, real-estate & hedge fund businesses.

By Lucky 33

Blackstone Hires Executives For Global Direct Lending Platform

Blackstone › $BX › hired two Wall Street veterans as partners & promoted another executive to work in its Blackstone Credit unit as fresh demand from institutional & retail investors made it the private equity firm's fastest-growing segment. 

Carlos Whitaker, a Credit Suisse executive, & Chris Sullivan, an executive at Barclays, will join Blackstone as senior managing directors while Kate Rubenstein, who works in Blackstone portfolio operations, will move to Blackstone Credit as a managing director.

Whitaker will become president of the Blackstone Private Credit Fund › BCRED › & the Blackstone Secured Lending Fund › BXSL › both part of the firm's global direct lending platform. At Credit Suisse he had been head of New York & co-head of EMEA Advisory Sales.

Blackstone Credit, run by Dwight Scott, oversees $163 billion in assets, & launched BCRED earlier this year to tap in to growing demand from retail investors for strategies including direct lending to securities backed by corporate loans. The portfolio had swelled to $14 billion by the end of July. The firm is taking in an average $4 billion in new cash a month for BCRED & its sister real estate portfolio for retail investors, BREIT. 

Sullivan will join as head of sponsor coverage at Blackstone Credit after having been global head of financial sponsors at Barclays. Rubenstein will return to work at Blackstone Credit & be chief operating officer for BCRED & BXSL.

Blackstone Secured Lending Fund filed a registration statement for IPO on October 1, 2021. Blackstone Secured Lending Fund is expected to list its common shares on the New York Stock Exchange under the symbol › BXSL.

Blackstone Lending BCRED Hedge Fund

Blackstone Inc., together with its subsidiaries, is one of the world's leading investment firms with approximately $684 billion in assets, including its credit, real-estate & hedge fund businesses under management as of June 30, 2021.

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