The company reported that its Credit and Insurance segment has experienced remarkable growth, with assets under management surging to US$295 billion, more than doubling since 2020.
Blackstone’s diverse portfolio comprises the largest Business Development Company (BCRED), the leading private credit energy transition fund (BGREEN), the world’s largest manager of Collateralised Loan Obligations (CLOs) and senior loans, and the second-largest alternative manager of insurance assets.
The company said that this new organisational structure aims to enhance growth by providing clients and borrowers with a “seamless experience.” BXCI will deliver a comprehensive solution spanning corporate and asset-based financing, encompassing both investment grade and non-investment grade private credit offerings.
As part of the restructuring, several prominent roles have been redistributed. Gilles Dellaert, who currently holds the position of Global Head of Blackstone Insurance, will assume the role of Global Head for BXCI, taking charge of the unified business’s overall operations. It’s worth noting that Blackstone underscored Dellaert’s significant impact since his arrival at the firm in 2020, as the assets under management for insurance clients have nearly tripled under his leadership.
In parallel, Dwight Scott, the current Global Head of Blackstone Credit, will serve as Chairman of BXCI. In his role, he will place a primary focus on nurturing client relationships, driving key growth initiatives, and further expanding Blackstone’s presence in the European market.
Blackstone lauds Scott as an esteemed veteran with nearly two decades of experience within the firm. He is credited with building a credit business that is recognized as “world-class” and boasts market-leading positions in various sectors, including direct lending, energy transition, and leveraged loans and Collateralised Loan Obligations (CLOs), among others.
Speaking about the changes, Steve Schwarzman, Co-Founder, Chairman and CEO of Blackstone, explained, “We see the opportunity for BXCI, along with Real Estate Credit, to reach $1 trillion in the next ten years.”
Jon Gray, President & COO of Blackstone, commented, “Exceptional demand from our clients has made Credit and Insurance the fastest-growing segment at Blackstone. This integration allows us to be an even more effective lender and more comprehensively serve our insurance, pension fund and private wealth clients.”
Dellaert said, “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.
“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.”
Dwight Scott agreed, saying:, “The combined BXCI team will deliver the best of Blackstone to our investors and borrowers. We believe we are still in the early innings of a megatrend in private credit.
He added: “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.”
