Blackstone Gets $8 Billion In First Close Of Direct Lending Fund

(Bloomberg) -- Blackstone Inc. has raised $8 billion from institutional investors in the first close of a fresh direct lending fundraise, people with knowledge of the matter said. 

The private capital giant is looking to raise about $10 billion across Europe and the US in its latest push, Bloomberg News reported in late September, targeting capital from institutional investors for a fixed term. 

A spokesperson for Blackstone declined to comment. 

Blackstone and other major private lenders such as Ares Management Corp. and HPS Investment Partners are increasingly able to write larger checks for borrowers as more investors pile into the $1.6 trillion asset class. 

Other large-scale lenders currently fundraising include Ares and Oaktree Capital Management.

Blackstone has about $295 billion in its newly-formed credit and insurance unit. Recently, the firm has led direct lending financings supporting Bain’s buyout of Guidehouse as well as the merger of Virgin Pulse and HealthComp.

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