Funds managed by Blackstone Credit & Insurance, a subsidiary of Blackstone Group, have acquired a minority stake in ITE Management, an alternative asset manager focused on transportation infrastructure, said a March 5 release.
A spokesperson for Blackstone declined to comment on specific terms of the acquisition.
BXCI has also formed a strategic partnership with ITE which will enable the firms to “collaborate and enhance ITE’s leadership position amidst a growing opportunity set within the transportation infrastructure sector,” the release noted.
Under the partnership, BXCI plans to provide ITE with up to $2 billion of capital for investments and financing over the initial phase of partnership.
ITE, with more than $10 billion in assets and more than 70 investment and operating professionals, focuses on asset-backed investments, primarily in the transportation infrastructure sector, most notably: rail, intermodal, specialty aviation, port and infrastructure equipment, and electric vehicles, the release added.
BXCI’s infrastructure and asset based credit platform currently manages more than $90 billion and has over 70 investment professionals.
The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the economy in sectors such as digital infrastructure, energy transition infrastructure, consumer finance, commercial finance, and residential real estate.
ITE will continue to operate independently under the ongoing leadership of Jason Koenig, co-founder and managing partner, and David Smilow, co-founder and partner.
