Report: BlackRock Plans $1.3B Private Credit Continuation Fund

BlackRock is said to be planning a $1.3B fundraiser through a private credit loan fund, with proceeds distributed to existing investors, Bloomberg reported November 6, citing anonymous sources.

The firm is expected to offer a package of first-lien loan positions in a deal that would be one of the largest private credit transfers to be channeled into a continuation fund. According to the unnamed sources, Jefferies Financial Group is arranging the upcoming deal.

The move follows mid-September reports that BlackRock is revamping its private credit business and amid more recent rumors it is in talks to purchase the private credit firm HPS Investment Partners. When the firm reported earnings on October 11, CFO Martin Small noted that private markets are a “strategic priority,” with CEO Larry Fink specifically noting “private credit now becoming more the domain of the capital markets.”

Source: https://finance.yahoo.com/news/blackrock-readies-1-3-billion-141413644.html