KeyBank entered into a forward flow origination partnership with Blackstone Credit & Insurance focused on Key’s specialty finance lending (SFL) group, an asset-based lender serving clients across the U.S. in the middle-market, growth capital, transportation, equipment and other verticals. In connection with the partnership, Blackstone and Key closed a transaction on a seed portfolio of middle-market fund finance facilities. Key will continue to originate, hold and provide asset management services for new commitments across all sectors.
“SFL is a highly successful business that has been organically built over the past 15 years to serve a dynamic and fast-growing client base with increasing financing needs,” Randy Paine, head of Key’s institutional bank, said. “The partnership with Blackstone, a long-trusted participant in this sector, will accelerate the growth of the business and be mutually beneficial to all stakeholders, especially our clients.”
“Key’s SFL group is a strong franchise with deep relationships with originators,” Rob Horn, global head of infrastructure and asset-based credit at Blackstone, said. “We are pleased to have closed this initial transaction and look forward to growing the relationship with SFL.”
Morgan Stanley and KeyBanc Capital Markets served as advisors to KeyBank.
