The ‘GSO’ disappears from Blackstone’s credit arm

The alternative assets giant has rebranded its debt business as Blackstone Credit following the departure of the three co-founders responsible for the original name.

Twelve years after it acquired credit-focused asset manager GSO Capital Partners, New York-based investment manager Blackstone has rebranded it as Blackstone Credit.

Since the $1 billion acquisition in March 2008, co-founders Bennett Goodman (“G”), Tripp Smith (“S”) and Doug Ostrover (“O”) have all moved on from the business.

The most recent was Goodman, who is a leading protagonist in the formation of Hunter Point Capital, which will buy stakes in alternative asset managers and was officially launched just over a week ago. Smith and Ostrover previously left to launch fund managers Iron Park Capital and Owl Rock Capital, respectively.

Under Blackstone’s ownership, GSO’s assets under management have grown from $9.6 billion to $135 billion and the firm claimed that the renaming demonstrated that the credit platform is a core part of its business. “Its strategies cover almost the entire corporate credit market, with leading positions in both liquid and private markets,” Blackstone said in a statement.

In last year’s PDI 50 ranking of the largest fundraisers in private debt over a rolling five-year period, Blackstone was second with only Ares Management ahead of it. The GSO Capital Opportunities Fund IV is currently in the market with a target size of $7.5 billion.