The Blackstone Group has closed a credit liquidity fund with more than $1.3 billion in capital commitments.
The Blackstone Group (NYSE:BX) today announced the closing of Blackstone Credit Liquidity Partners L.P. (BCLP) with capital commitments in excess of $1.3 billion.
The fund was created to capitalize on the recent dislocations in the credit markets by investing in a broad range of debt and debt-related securities and instruments including bank debt, publicly traded debt securities, bridge financings, securities issued by CDOs, and other debt instruments, all on a global basis.
Hamilton (Tony) James, President of The Blackstone Group, said; “Our objective is to generate superior risk-adjusted returns from a combination of current income and capital appreciation. With Blackstone's outstanding track-record in debt and distressed investing, we are confident that we can benefit our new fund's investors by capitalizing on current conditions in the credit markets.“
In addition to this new Credit Liquidity fund, Blackstone's corporate debt group manages 11 CDOs and two private investment partnerships. These various vehicles, including BCLP, have aggregate capital commitments of over $11 billion. They include seven US CDOs ($4.7 billion), four European CDOs ($2.9 billion) and two private mezzanine funds ($2.1 billion).
Blackstone was assisted in the fundraising by Park Hill Group.
The Blackstone GroupThe Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement service. Further information is available at www.blackstone.com.