John Bakie
The fund will adopt a highly conservative debt investment strategy focused on European senior credit, the firm says.
The credit business grew more slowly than other parts of Blackstone but performing credit returns remained robust.
The firm’s quarterly trading statement said it expects initial commitments to its next debt fund to close soon.
The asset manager’s partnership with LCL bank will aim to provide mid-cap companies with acquisition finance.
Investors are seeking out lower-risk alternatives to existing fixed income and real asset equity exposure, according to investment consultant bfinance.
France is seen by some as insular and unfriendly to business, but its booming private debt industry is proof that the stereotypes are not always true.
The hire of Florian Kawohl is part of the firm’s intention to grow its business in Europe.
The firm intends to raise €2bn by the end of the year, and said there are huge opportunities as banks continue to dispose of non-core assets.
The firm said an increasingly diverse and complex debt market increases the need for companies to seek advice.
The fund will lend money to firms offering access to clean energy solutions for both households and business in emerging markets.