Blackstone has combined its corporate credit, asset-based finance and insurance groups into its credit and insurance unit, the $1 trillion alternative investment manager said in a Sept. 13 news release.
Blackstone's credit and insurance business had $294.6 billion in assets under management as of June 30 and was the alternative investment firm's second largest business by AUM, slightly behind its $295.3 billion private equity business. As part of the change, Blackstone's asset-based credit business will be combined with its credit and insurance segment.
Blackstone officials expect the new structure to accelerate the firm’s overall business by offering corporate and asset-based credit, as well as investment-grade and noninvestment-grade private credit in one business unit.
“We see the opportunity for BXCI (Blackstone Credit & Insurance) along with real estate credit, to reach $1 trillion in the next 10 years,” said Stephen Schwarzman, co-founder, chairman and CEO, in the news release.
As part of the change, Gilles Dellaert, global head of Blackstone’s insurance business, has been promoted to global head of BXCI. Jonathan Pollack has been named global head of real estate credit and will continue leading Blackstone’s $67 billion real estate credit business. He had been global head of Blackstone’s structured finance business, which included the firm’s real estate debt and asset-based finance strategies.
Dwight Scott, senior managing director and global head of Blackstone credit, will become chairman of BXCI and focus on client relationships, key growth initiatives and the further expansion of Blackstone's European credit business. Scott joined Blackstone as part of its acquisition of credit manager GSO Capital Partners.
