Blackstone has announced the integration of its corporate credit, asset-based finance, and insurance groups into a single new unit, Blackstone Credit & Insurance (BXCI).
According to the firm, Credit and Insurance is its fastest-growing segment, having more than doubled to $295 billion in assets under management over the last three years.
Blackstone’s businesses include the largest BDC (BCRED), the largest private credit energy transition fund (BGREEN), the largest manager of CLOs and senior loans in the world, and the second-largest alternative manager of insurance assets.
The firm noted that the new structure will further accelerate growth by creating a “more seamless experience” for clients and borrowers. BXCI will offer a one-stop solution across corporate and asset-based, as well as investment grade and non-investment grade, private credit.
Steve Schwarzman, Co-Founder, Chairman and CEO of Blackstone, commented, “We see the opportunity for BXCI, along with Real Estate Credit, to reach $1 trillion in the next ten years.”
Jon Gray, President & COO of Blackstone, said, “Exceptional demand from our clients has made Credit and Insurance the fastest-growing segment at Blackstone. This integration allows us to be an even more effective lender and more comprehensively serve our insurance, pension fund and private wealth clients.”
Gilles Dellaert, Global Head of Blackstone Insurance, will serve as Global Head of BXCI and lead the business’s combined operations. Blackstone highlighted that since Dellaert joined the firm in 2020, it has nearly tripled the assets it manages for insurance clients.
Meanwhile, Dwight Scott, Global Head of Blackstone Credit, will serve as Chairman of BXCI, prioritising client relationships, key growth initiatives, and the further expansion of the firm’s European platform.
Blackstone describes Scott as a nearly 20-year veteran of the firm who has built a “world-class” credit business with market-leading positions in direct lending, energy transition, and leveraged loans and CLOs, amongst others.
Dellaert said, “I am excited to take on this new role and believe that there is immense white space to continue expanding our leading credit and insurance platforms.
“Bringing together nearly all of the firm’s credit activities further extends the competitive advantage of Blackstone’s scale, private origination capabilities, and intellectual capital – helping us better serve our clients.”
Scott added, “The combined BXCI team will deliver the best of Blackstone to our investors and borrowers. We believe we are still in the early innings of a megatrend in private credit.
“Particularly in today’s elevated base rate environment – and given the senior-secured structure of many of our products – we believe it is currently the best risk-adjusted environment for this asset class in decades.”
