BlackRock Raises $2 Billion for Global Credit Opportunities Fund
July 31 2019 - 10:15AM
Business Wire
BlackRock Inc. (NYSE: BLK) today announced the final close of
its flagship opportunistic credit fund, Global Credit Opportunities
(“GCO”), with $2 billion in assets under management. The fund’s
global mandate gives it flexibility to invest in corporate credit
assets across geographies and industries, and seek value throughout
the credit cycle.
GCO’s successful fundraising builds on BlackRock’s broader
success in establishing a global private credit franchise. In
addition to opportunistic credit, over the last few years BlackRock
has expanded its private credit capabilities in Asian private
credit, special situations, and U.S. and European middle market
credit, including the acquisition of Tennenbaum Capital Partners in
2018. With a growing team of over 210 investment professionals,
BlackRock’s Global Credit platform manages $100 billion in total
client assets across a full range of credit capabilities. Over the
last two years, BlackRock has raised over $5 billion in new client
commitments for private credit strategies.
Seeking to generate income and capital growth for clients by
targeting less liquid opportunistic, stressed and special
situations investments, GCO will benefit from BlackRock’s global
platform, sourcing capabilities and long-term track record of
innovation. The dedicated investment team, led by David Trucano,
possesses over 80 years of combined credit investment experience,
including providing capital solutions in complex situations.
Qualifying investors will also have the right to potentially
co-invest alongside the fund on select deals.
“We’re pleased to reach this important milestone for our GCO
fund,” said Jim Keenan, Chief Investment Officer and Global Co-Head
of Credit. “The interest we’ve seen from investors around the world
is a testament to the attractive value proposition that the fund
offers and its mandate to deliver the value and diversification
that our clients need no matter where we are in the credit cycle.
Leveraging the sourcing capabilities of BlackRock’s global platform
and our team’s strong relationships with partners around the world,
we’ve already started putting significant capital to work for our
clients.”
According to BlackRock’s 2019 Global Institutional Rebalancing
Survey, 56% of global respondents planned to increase their
allocations to private credit. As investors increasingly look for a
higher-yielding alternative to traditional fixed income
allocations, the firm is committed to providing clients with the
private credit solutions that meet their investment objectives
across a range of risks, liquidity and geographies.
“Investors looking for attractive risk-adjusted returns and
portfolio diversification are increasingly looking to credit, where
scale and expertise can help generate alpha,” said Tim O’Hara,
Global Co-Head of Credit. “Building out our opportunistic credit
strategy to take advantage of secular trends and cyclical
dislocations in the credit markets is a natural evolution of our
platform as we continue to bolster a credit business that can
deliver for clients across risk spectrums and market cycles.”
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, our clients turn to us for the
solutions they need when planning for their most important goals.
As of June 30, 2019, the firm managed approximately $6.84 trillion
in assets on behalf of investors worldwide. For additional
information on BlackRock, please visit www.blackrock.com/corporate
| Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn:
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Media Ed Sweeney (646) 231-0268
ed.sweeney@blackrock.com
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