'For 2023... we believe our aggregate fundraising will be well in excess of last year’s and will approach our record in 2021 of $77bn,' CEO Michael Arougheti said in a year-end earnings call.
Fund III is managed by BCP Credit, a New York private debt shop launched by BC Partners in 2017 with the hire of former Apollo executive Ted Goldthorpe.
The credit fund and a similarly-focused equity fund are both expected to close in 2023, suggesting Blackstone may soon have as much as $13bn of dedicated capital for near-term energy transition investing.
Rising rates – reinforced this week by the Federal Reserve’s vow to continue battling inflation – are motivating LPs to explore asset classes that provide some measure of refuge. One of the beneficiaries appears to be private debt.
Antares’ Fund II is the latest of several new direct lending products to hit the market, all seemingly aimed at growing LP demand for private credit in a rising-rate environment.
'It is getting harder out there,' president and COO Jonathan Gray said in the firm’s second-quarter 2022 earnings call in reply to a question about fundraising trends.
Sixth Street created the strategy in response to demand from borrowers and private equity sponsors to bring more capital into the “underserved” large-deal market, sources told Buyouts.