Blackstone plans to increase its Asia-Pacific private credit assets under management by 10 times, according to a «Bloomberg» report.
U.S.-based asset manager Blackstone is targeting US$5 billion in Asia-Pacific private credit assets under management in the “near term,” up from US$500 million at the end of 2021, Paulo Eapen, the head of Blackstone Credit (BXC) for Europe and Asia-Pacific, told «Bloomberg» in an interview. Blackstone Credit only began actively investing in Asia-Pacific in 2021, «Bloomberg» said.
BXC is targeting large transaction in high-growth sectors, such as technology, the report said, noting the firm can offer more than US$1 billion in a single transaction, the report said. As many as eight deals are currently on the table, Eapen told «Bloomberg».
Adding Team Member
Blackstone announced Monday it hired Mark Glengarry as the head of Asia Pacific origination for BXC. The team is led by Eapen, the asset manager said in a press release. Glengarry, who will be based in Sydney, joined BXC from Anchorage Capital Group, where he was a managing director for the London and Sydney offices, helping to manage private investments in credit, special situations and illiquid areas, the release said. He was also previously with Morgan Stanley in the investment banking division, the release said.
Dwight Scott, the global head of BXC, said the division would continue to expand in Asia, following moves by the broader Blackstone business.
«Private credit has become a larger part of the credit markets in the U.S. and Europe, and we believe the same trend will play out in Asia in the near term. We see tremendous opportunity across the region for creative solutions that help companies grow and navigate the increasingly complex market environment,» Scott said in the statement.
BXC has assets under management of US$230 billion overall.
