Blackstone Integrates Asset-Based Finance, Insurance and Corporate Credit Groups into Single Unit

Blackstone integrated its corporate credit, asset-based finance and insurance groups into a single new unit, Blackstone Credit & Insurance (BXCI).

The new structure is meant to accelerate growth by creating a more seamless experience for clients and borrowers. BXCI will offer a one-stop solution across corporate and asset-based, as well as investment grade and non-investment grade, private credit.

“We see the opportunity for BXCI, along with Real Estate Credit, to reach $1 trillion in the next ten years,” Steve Schwarzman, co-founder, chairman and CEO of Blackstone said.

“Exceptional demand from our clients has made Credit and Insurance the fastest-growing segment at Blackstone,” Jon Gray, president and COO of Blackstone, said. “This integration allows us to be an even more effective lender and more comprehensively serve our insurance, pension fund and private wealth clients.”

Gilles Dellaert, global head of Blackstone Insurance, will serve as global head of BXCI and lead the business’s combined operations. Since Dellaert joined the firm in 2020, Blackstone has nearly tripled the assets it manages for insurance clients.

Dwight Scott, global head of Blackstone Credit, will serve as chairman of BXCI, prioritizing client relationships, key growth initiatives and the further expansion of the firm’s European platform. Scott is a nearly 20-year veteran of Blackstone who has built a world-class credit business with positions in direct lending, energy transition and leveraged loans and CLOs, amongst others.

“I am excited to take on this new role and believe that there is immense white space to continue expanding our leading credit and insurance platforms,” Dellaert said. “Bringing together nearly all of the firm’s credit activities further extends the competitive advantage of Blackstone’s scale, private origination capabilities and intellectual capital – helping us better serve our clients.”

“The combined BXCI team will deliver the best of Blackstone to our investors and borrowers,” Scott said. “We believe we are still in the early innings of a megatrend in private credit. Particularly in today’s elevated base rate environment – and given the senior-secured structure of many of our products – we believe it is currently the best risk-adjusted environment for this asset class in decades.”

Dellaert and Scott will be supported by long-tenured heads of Blackstone’s investment businesses who will be taking on expanded roles in BXCI including:

• Michael Zawadzki, global chief investment officer

_x000D_

• Brad Marshall, global head of private credit strategies

_x000D_

• Rob Horn, global head of sustainable and structured credit

_x000D_

• Rob Camacho, global head of asset based finance

_x000D_

• Rob Zable, global head of liquid credit strategies

_x000D_

The combined group will also draw upon strong operational leaders including:

• Heather von Zuben, co-chief operating officer

_x000D_

• Ida Hoghooghi, co-chief operating officer

_x000D_

• Will Skinner, chief financial officer

_x000D_

• Beth Chartoff, global head, credit institutional client solutions

_x000D_

Jonathan Pollack will continue to lead Blackstone’s $67 billion real estate credit business as global head of real estate credit.