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Blackstone Private Credit Fund Announces Co-CEOs

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Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), announced that Brad Marshall was promoted to global head of private credit strategies and that Jonathan Bock joined the firm to serve alongside Marshall as co-chief executive officer of the firm’s business development companies.

Marshall has been leading the firm’s direct lending efforts for nearly 17 years adding to his role as chairman and co-chief executive officer of the firm’s two BDC’s, Blackstone Private Credit Fund and Blackstone Secured Lending Fund.

Prior to joining Blackstone, Bock was chief executive officer of Barings BDC. In addition to this role, he served as co-chief executive officer and president of Barings Private Credit Corporation, and chief financial officer of Barings Capital Investment Corporation, Barings Corporate Investors and Barings Participation Investors. Prior to joining Barings in July 2018, Bock was a managing director and senior equity analyst at Wells Fargo Securities specializing in BDCs. He has actively followed the BDC space since 2006 and was the chief author of a BDC quarterly research publication, the BDC Scorecard. Bock holds a bachelor’s degree in finance from the University of Illinois College of Business and is a member of the CFA Institute.

The new leadership roles correspond with the expansion of Blackstone Credit, where total assets under management have grown 135% over the past five years to $234 billion. According to Blackstone, private credit strategies make up approximately half of Blackstone Credit’s business, including the BDCs.

“Blackstone Credit and our BDCs have seen extraordinary growth over the past five years,” said Dwight Scott, global head of Blackstone Credit. “Elevating Brad and adding Jonathan to our leadership team will help us continue to meet the strong customer demand for private credit strategies globally. Our BDC portfolios have broad exposure across sectors, comprising primarily senior secured, floating rate debt, and we believe they are well positioned for the current environment.”

Blackstone Private Credit Fund broke escrow on Jan. 7, 2021, and has $234 billion in assets under management. The fund is part of Blackstone Credit’s direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle market companies.

As of Sept. 30. 2022, the fund’s aggregate NAV was $22.4 billion, the fair value of its investment portfolio was $49.0 billion, and it had $27.5 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during September 2022 was approximately 1.28 times.

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