Home Alts News Blackstone Private Credit Fund Appoints Interim CFO

Blackstone Private Credit Fund Appoints Interim CFO

The board of Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has appointed an interim chief financial officer.

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The board of Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has appointed Kevin Kresge as the interim chief financial officer, effective as of the close of business on September 9, 2022.

Kresge’s appointment coincides with the resignation of Stephan Kuppenheimer as CFO and a portfolio manager of the fund.

The company said that “Kuppenheimer’s decision to resign was based on a desire to pursue other opportunities and not the result of any disagreement relating to Blackstone or the fund’s operations, policies or practices.”

Kresge is a managing director and head of finance for Blackstone Credit, Blackstone’s credit investment platform, where he is responsible for valuations, financial planning and analysis, expense management and financial reporting.

According to a filing with the Securities and Exchange Commission, prior to joining Blackstone Credit, Kresge served as CFO of Blackstone’s private wealth solutions group overseeing strategic planning, financial reporting, data management and business analytics. Before that, he served as chief administrative officer of the firm’s strategic incentives group, responsible for the global execution, reporting compliance and technology related to firm’s compensation programs and systems. Prior to that, Kresge was head of financial planning and analysis with responsibility for the company’s global forecast process, business unit and firm-wide strategic planning, management reporting and various special projects.

Before joining Blackstone in 2008, he held a number of roles in finance and global markets and investment banking at Merrill Lynch. Kresge graduated from Villanova University with a bachelors’ degrees in finance and accounting.

Blackstone Private Credit Fund is the industry’s first perpetual-life BDC and broke escrow on January 7, 2021. 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. Since inception, the BDC has raised $23.3 billion in its private and public offerings, as of August 24, 2022.

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