Blackstone has added two new hires to its asset-based debt team, as it seeks to extend its private credit operations.
Andie Goh has joined Blackstone from Ares, while Jack Ervasti has joined from KKR & Co.
At Ares, Goh focused on asset-based deals across private and public markets. She will start at Blackstone in early January, Bloomberg has reported.
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Meanwhile, Ervasti was co-head of consumer in asset-backed debt at KKR. He officially joined Blackstone earlier this month.
Goh and Ervasti have both been named managing directors at BXCI, Blackstone’s credit and insurance arm, and will be based out of New York.
Blackstone has been making a push into the private credit sector in recent months. In October, Rob Horn – who runs BXCI’s infrastructure and asset-based credit platform – said he sees the private credit market growing to be worth $30tn (£23.9tn) thanks to growth in infrastructure finance and increased investment from pension funds.
During Blackstone’s third quarter results presentation it was revealed that the asset manager’s credit arm had taken over from real estate to become the firm’s biggest business. In the quarterly earnings call, Blackstone’s president Jonathan Gray said that he is building “a third-party performing credit juggernaut.”
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