John Bakie
The firm continues to diversify its asset base to achieve its ambitious long-term fundraising goals.
The deal transfers management of two real estate funds to BSP including investment professionals and salespeople.
The vehicle will aim to generate strong risk-adjusted returns regardless of broader market conditions.
Peter Glaser will take over the European direct lending team, supported by two senior hires.
More work is needed to make standardised data on ESG available for smaller companies in the leveraged loan markets.
The lender expects to increase its direct lending activity in Spain after making four investments last year.
The deal will adds to BNPP AM’s existing link up with Caple to source a wider range of SME loan opportunities.
The fund will adopt a highly conservative debt investment strategy focused on European senior credit, the firm says.
The credit business grew more slowly than other parts of Blackstone but performing credit returns remained robust.
The firm’s quarterly trading statement said it expects initial commitments to its next debt fund to close soon.