Israel-based asset manager and insurance company Phoenix Financial has agreed to collaborate with Blackstone across a wide range of credit strategies, including corporate, real estate and asset-based credit.
Phoenix will invest up to $5 billion in these strategies pursuant to the co-operation, leveraging Blackstone’s origination capabilities.
This adds to a five-year-long trend of the consolidation of the insurance and the debt/asset management industries that has involved some of the biggest names on either side, including Apollo, KKR and Brookfield on the credit management side.
