Blackstone reshapes the private lending business with BCRED
Blackstone announced the first anniversary of BCRED, the $32.6 billion private lending fund. In 2021, Blackstone provided 19 direct loans worth over $1.0 billion, including the large debt offering of Accutane. Increased borrowing in private debt markets, typically used by companies with high leverage and no credit rating, reached an estimated $412 billion in 2020, according to Standard and Poor’s. While Blackstone takes advantage of this emerging lending market, its assets are vulnerable to low liquidity and default.
Balance Sheet|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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