Blackstone Set to Launch a $10 Billion Opportunistic Credit Fund

Blackstone Inc. is set to launch a $10 billion opportunistic credit fund, joining other major investors seeking to capitalize on dislocations in credit markets.

Michael Chae, Blackstone’s chief financial officer, said on its investor call on Thursday that Blackstone is “moving closer to the fundraise for the next vintage of several strategies, including in the near term our fifth private credit opportunistic strategy, targeting $10 billion.”

Blackstone is among others such as Oaktree Capital Management and HPS Investment Partners in raising ever larger funds for so-called opportunistic credit investing. It’s an example of the boom in the $1.6 trillion private credit industry, since public high-yield debt markets continue to be shaken by high rates and concerns around an economic slowdown.

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