Andrew Hedlund
Debt fundraising stumbled last year, decreasing by almost 50% from 2017, according to data from a PDI sister publication.
Fund I, a $655m vehicle, is expected to bring in an 11% gross IRR.
Paul Kelly joins the credit management behemoth as it is launching its new BDC, Blackstone / GSO Secured Lending Fund.
The firm will now have a CIO in North America, Asia-Pacific and Europe.
The allocation will have a bias toward senior and mezzanine debt strategies, which the retirement plan has labelled ‘capital preservation’ strategies.
The growth in private credit presents plenty of upsides for private equity firms but also offers real challenges for CFOs and COOs.
The BDC has originated $11.1 billion of loans since its inception almost three years ago.
The alternative lender is also back on the road targeting $1.5bn with Fund II, and has held a first close on about half that amount.
LPs plan to maintain their allocations to the asset class and rank a strong GP track record as the most important factor in due diligence.
Jeffrey Levin’s duties will be divided among the firm’s other executives.