Blackstone has unveiled a strategic partnership with Phoenix Financial, whereby the Israeli asset manager and insurer will invest up to $5bn (£3.7bn) across its credit strategies.
The deal will leverage Blackstone’s global credit origination capabilities and additional co-investment opportunities for the benefit of Phoenix’s clients, Blackstone said.
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The two firms will collaborate across a range of credit strategies, including corporate, real estate and asset-based credit.
“We’re thrilled to further support Phoenix and its clients through this partnership,” said Jon Gray, Blackstone president and chief operating officer.
“We continue to see compelling opportunities to invest across the rapidly expanding private credit universe, leveraging Blackstone’s scale, origination capabilities and insights from across the firm.”
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Phoenix is the largest asset manager in Israel, with more than $180bn in assets under management.
“We are proud to broaden our global alternatives platform by partnering with Blackstone, a world-class leader in private credit and origination,” said Eyal Ben Simon, chief executive of Phoenix Holdings.
“This collaboration enhances the range of high-quality opportunities we bring to Israeli investors and reflects Phoenix’s strategy of working with the strongest partners globally. Blackstone’s exceptional capabilities represent another important step in delivering diversified, institutional-grade solutions to our clients.”
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Blackstone is the world’s largest alternative asset manager with over $1.2tn in assets under management. This includes $508bn in credit assets, across private corporate credit, liquid corporate credit, infrastructure and asset based credit, and real estate debt, as well as a team dedicated to serving the firm’s insurance clients.
