Blackstone Credit

What Blackstone Credit does

Blackstone Credit & Insurance (BXCI) is the credit and insurance business segment of Blackstone Inc. (NYSE: BX), the world's largest alternative asset manager with $1.3 trillion in total AUM as of March 2026. BXCI operates a unified global credit platform spanning private credit direct lending, liquid credit (CLOs, leveraged loans, high yield), asset-based credit, insurance solutions, and specialty verticals (healthcare, life sciences, industrials, technology), managing a $200 billion private loan portfolio with a 0.08% annualized loss rate over 20 years. The segment serves institutional investors (pension systems covering 135 million+ pensioners, sovereign wealth funds, insurers), family offices and endowments, private wealth clients via the $310 billion financial-advisor channel, and — newly via the Empower partnership — defined contribution retirement savers. Registered products for individual investors include BCRED (~$82B, the largest non-traded BDC), BXSL (traded BDC), and BMACX (multi-asset credit and income fund).

The platform's core technology is a global origination and portfolio-management engine with regional hubs in New York, London, Hong Kong, Tokyo, Singapore, Mumbai, Sydney, Seoul, Abu Dhabi, Toronto, Houston, San Francisco, Miami, Dublin, Frankfurt, Paris, Shanghai, Los Angeles, Dallas, Chicago, Washington and Cambridge; the Infrastructure and Asset Based Credit group alone fields 80+ investment professionals. The platform underwrites and structures bespoke financings across a wide range — from $100M term loans (GeneDx at SOFR+4.5%) to $10B AI infrastructure debt packages (Firmus Project Southgate) — and supports insurance balance sheet partnerships with Corebridge, Everlake and Resolution Life. BXTI Technology & Innovations provides cross-portfolio AI, data science, cybersecurity, procurement and operational services to 250+ portfolio companies.

Revenue is generated primarily through asset management fees on $1.3T+ parent AUM and BXCI-specific credit AUM, supplemented by performance-based carried interest and incentive fees (Schwarzman earned $125.6M and Gray $302.6M in 2025 from these alone), balance-sheet investment income (including a recent $400M Blackstone/employee investment into BCRED to satisfy 100% of redemption requests after the fund's first quarterly outflows of $1.7B), transactional origination fees on bespoke private credit financings, and insurance investment income. Distribution runs through Institutional Client Solutions (global field sales), the Private Wealth/RIA channel, dedicated insurance partnerships, the Private Capital Group (family offices), Empower for DC plans, and direct-to-investor microsites (breit.com, bcred.com, bmacx.com).

Name

Blackstone Credit

Legal name

Blackstone Inc.

Website

https://blackstone.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

251–500 employees

Short description

Blackstone Credit & Insurance (BXCI), a segment of Blackstone Inc. (NYSE: BX), is a global credit and insurance platform managing a $200B private loan portfolio and $100B+ in infrastructure/asset-based credit. BXCI originates direct lending, CLOs, asset-based finance and insurance solutions for institutional investors, family offices, private wealth clients, and defined contribution retirement savers.

Ownership category

akta.pro rank

Product category

Private Credit and Alternative Asset Management

NAICS

Sales Financing (52222), Sales Financing (522220), Credit Card Issuing (522210)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153), Asset-Backed Securities (6189)

akta.pro primary industry

Specialty Finance / Structured Credit (FSANADAE)

akta.pro secondary industries

Structured Credit Distressed (CLO/ABS/RMBS/CMBS) Funds (FSANAKAJ), SME Credit Risk, Underwriting & Financial Data (B2B Fintech Data/Decisioning) (FSAGAJAM), B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC), Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace) (FSAGAKAC)

Keywords

• Private credit lending
• Asset based credit
• CLO management
• Leveraged finance
• Insurance solutions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices23 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Asset Management Fees: Recurring management fees charged on $1.3 trillion+ AUM across private equity, real estate, credit & insurance, multi-asset, infrastructure and life sciences funds. Largest component of recurring revenue.
2. Carried Interest and Incentive Fees: Performance-based compensation from investment outperformance across funds. President and COO Jon Gray earned $302.6 million in 2025 driven in part by carried interest and incentive fees; CEO Schwarzman earned $125.6 million in carried interest and incentive fees.
3. Investment Income (Balance Sheet): Income earned on Blackstone's principal capital invested across strategies, including $400 million of new investments injected by Blackstone and its employees into BCRED feeder fund in 2026.
4. Transactional and Origination Fees: Fees from arranging private credit financings, including $1.3 billion financing for Paratek-Radius Pharma merger, $5 billion for Thoma Bravo/WWEX, $10 billion for Firmus Project Southgate, and underwriting of CLOs, leveraged loans and high yield securities.
5. Insurance Premium and Investment Income: Investment returns earned on insurance company balance sheets managed under BXCI, including partnerships with Corebridge, Everlake, Resolution Life.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Blackstone Credit & Insurance (BXCI) is the credit and insurance arm of Blackstone Inc., operating a global credit platform with separate strategies across Private Credit (direct lending, $200 billion portfolio), Liquid Credit (CLOs, high yield, leveraged loans), Asset Based Credit (over $100 billion), and Insurance Solutions. The platform originates bespoke private credit financings for companies of all sizes, manages retail-accessible funds (BCRED, BXSL, BMACX), and provides tailored balance sheet solutions to insurance partners such as Corebridge, Everlake, and Resolution Life.

Product overview

Blackstone Credit operates as a single unified platform-plus-modules architecture under the Blackstone Credit & Insurance (BXCI) umbrella, led globally by Gilles Dellaert. The platform's core is BXCI's private credit origination and portfolio management engine spanning U.S. and European direct lending, asset-based finance, CLO liquid credit, insurance solutions, and specialty verticals (healthcare, industrials, technology), while its individual-investor-facing registered products—BCRED (non-traded BDC), BXSL (traded BDC), and BMACX (multi-asset credit and income fund)—serve as the modules that channel BXCI's institutional credit capabilities into the private wealth channel. BXCI also runs a dedicated Infrastructure and Asset Based Credit group (managing over $100 billion) and an AIG–Amwins special purpose vehicle with Palantir-developed GenAI capabilities, with all sub-businesses feeding capital and deal flow back into the core platform.

Differentiator

Problem solved

Functional benefit

Brands

• Blackstone Private Credit Fund (BCRED): Largest non-traded business development company (BDC) by assets under management, focusing on private credit
• Blackstone Secured Lending Fund (BXSL)
• Blackstone Private Multi-Asset Credit and Income Fund (BMACX)
• Blackstone Real Estate Income Trust (BREIT)
• Blackstone Credit

Products and services

• Blackstone Private Credit Fund (BCRED)

Named customers15 records

Segments3 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• Anthropic, Hellman & Friedman, Permira (enterprise AI JV)flagshipStrategic or Co-development Partner · 7 April 2026Anthropic is negotiating to establish a joint venture with Blackstone, Hellman & Friedman, and Permira, to embed its Claude AI models into private equity portfolio companies, with Anthropic investing around $200 million. The venture could raise up to $1 billion from buyout firms.
• QTS Data Centres / Northumberland County CouncilcoreStrategic or Co-development Partner · 16 March 2026Part of a £10 billion investment from QTS Data Centres and Blackstone to develop a data centre campus in Cambois, UK. Central to Northumberland County Council's Economic Strategy 2025-2035 targeting up to 11,000 new jobs and up to £110 million ringfenced for aligned projects.
• MW Group, DivcoWest (Alexander & Baldwin)coreStrategic or Co-development Partner · 13 March 2026Completion of Alexander & Baldwin's $2.3 billion sale to a joint venture comprising Blackstone, MW Group, and DivcoWest, ending the company's history as one of Hawaii's "Big Five" corporations.
• DivcoWest (Anthropic 300 Howard Street lease)coreStrategic or Co-development Partner · 2 February 2026DivcoWest and Blackstone Real Estate announced Anthropic leased the entirety of 300 Howard (466,000 sq ft 25-story office tower) and 342 Howard (18,000 sq ft) in downtown San Francisco through a joint venture. Described as one of the largest office commitments in the city's history.
• EmpowerflagshipChannel Partner/ Reseller/ Distributor · 14 January 2026Partnership enabling defined-contribution retirement plans to offer exposure to private equity, private credit, infrastructure, and real estate through collective investment trust structures. Aims to provide millions of American retirement savers with access to institutional-caliber investment opportunities. Empower administers approximately $2 trillion in assets for more than 19 million investors.
• Willis Lease Finance CorporationflagshipStrategic or Co-development Partner · 6 January 2026Strategic aircraft engine leasing partnership deploying over $1 billion in current- and next-generation engines over two years. Combines Willis Lease's engine leasing expertise with Blackstone Credit & Insurance's Infrastructure and Asset Based Credit platform managing over $100 billion. Willis Lease established Willis Aviation Capital to manage third-party assets as part of the partnership. BNP Paribas served as sole structuring agent.
• AIG and Amwins (Syndicate 2479 at Lloyd's)flagshipStrategic or Co-development Partner · 18 December 2025Formation of a special purpose vehicle supporting launch of Syndicate 2479 at Lloyd's through strategic partnership between AIG, Amwins and Blackstone. Third-party capital from Blackstone underpins underwriting capacity with the syndicate managed by Talbot using the London Bridge structure, targeting approximately $400 million in premium in 2026.
• RevolutminorStrategic or Co-development Partner · 18 December 2025Blackstone and Revolut in discussions to collaborate on reaching investors; details of collaboration remain undisclosed in source material.

Scale indicators18 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Ares Management: Ares is one of the largest publicly listed alternative asset managers with leading private credit, direct lending, and CLO businesses. It directly competes with Blackstone Credit on sponsor coverage, direct lending, and CLO structuring (e.g., co-arranger with Blackstone on Thoma Bravo's $5B WWEX financing).
• Apollo Global Management: Apollo operates one of the world's largest private credit and hybrid capital franchises (Athene/Athora insurance balance sheet), directly comparable to BXCI in direct lending, asset-based credit and insurance-linked origination. A natural peer on large, complex credit transactions.
• KKR & Co. KKR runs a global private credit platform spanning direct lending, asset-based finance, real estate credit and insurance (Global Atlantic). Overlapping with BXCI across direct lending, asset-based credit, insurance solutions and CLOs, serving similar institutional and private wealth channels.
• Carlyle Group: Carlyle is a global alternative asset manager with substantial private credit capabilities (Carlyle Credit, Direct Lending), infrastructure and insurance-linked solutions. Direct competitor to BXCI for sponsor coverage and large-cap direct lending, and partner (with Blackstone) in the Medline secondary.
• Brookfield Asset Management: Brookfield has built a major credit and insurance-linked business (Brookfield Reinsurance/BCIA) and competes with BXCI in infrastructure credit, asset-based finance and insurance balance sheet management. Highly comparable to BXCI's Infrastructure and Asset Based Credit group.
• Blue Owl Capital: Blue Owl is a leading alternative asset manager focused on private credit, GP stakes and real estate. Direct competitor to BXCI in direct lending and GP Strategic Capital (e.g., co-invested with Blackstone in Atlas Holdings), with a similar private wealth distribution strategy.
• Oaktree Capital Management: Oaktree, a subsidiary of Brookfield, is a premier global credit manager with deep direct lending, CLO and special situations capabilities. Direct peer to BXCI's private credit and liquid credit strategies, with comparable institutional LP base and cyclical credit expertise.
• Golub Capital: Golub is one of the largest direct lenders and BDC operators in the U.S. middle market, directly comparable to BXCI's middle-market direct lending business and BCRED/BXSL BDC structure, with similar origination focus and investor base.

Emerging players

• Sixth Street Partners: Sixth Street is a fast-growing global investment firm with a sizable private credit, direct lending and asset-based finance franchise. Competes with BXCI on flexible, large-cap direct lending and structured solutions for sponsor-backed and corporate borrowers.
• HPS Investment Partners: HPS is a large, well-known private credit and special situations manager, now part of the State Street ecosystem. Directly comparable to BXCI in direct lending, mezzanine, asset-based finance and CLOs, with overlap in middle-market sponsor coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blackstone
• YouTubeplayers.brightcove.net/5843213364001/pKP07PeT2_default/index.html?videoId=6382749368112
• Facebookfacebook.com/blackstone
• LinkedInlinkedin.com/company/gso-capital-partners
• Instagraminstagram.com/blackstone

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments42 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blackstone Credit