Blackstone has launched a new asset-based lending platform, SablePointe Credit Strategies, led by former Wingspire Capital co-founder James Garlick.
Headquartered in Alpharetta, Georgia, SablePointe will support Blackstone Credit & Insurance (BXCI) as it “sources, structures, and manages” senior secured asset-based and first-out credit facilities.
The move comes as more asset managers tap into asset-based finance, which has been touted as the “new kid on the block” in private credit and is expected to overtake direct lending as the industry’s next growth driver.
Private credit is projected to surpass $2tn (£1.5tn) this year and by 2029, ABF is expected to account for 29 per cent of assets under management across private credit portfolios.
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“This is an important new platform for origination and strengthens our ability to be a one-stop capital solutions provider for companies,” said Aneek Mamik, head of financial services for asset-based finance at BXCI. “We look forward to working with James and his team to originate high-quality opportunities across the asset-based lending markets.”
The alternatives giant said SablePointe will initially support BXCI’s asset-based and first-out direct lending credit strategies, with plans to expand into additional speciality asset classes over time.
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“It is a tremendous opportunity and a privilege to partner with Blackstone in launching SablePointe,” said James Garlick, president of SablePointe. “We are in the early innings of building a foundation that will support a strategy for BXCI that we expect to grow meaningfully over time, delivering thoughtful credit solutions, disciplined execution, and exceptional service to borrowers, sponsors, and investor.”
Crown Partners served as financial adviser to Blackstone in connection with the launch of SablePointe Credit Strategies.
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