Blackstone's Raises $4B Credit Fund, Largest Since 2008

Law360, New York (March 28, 2012, 1:52 PM EDT) -- Private equity giant Blackstone Group LP has raised a $4 billion second mezzanine fund, it said Wednesday, beating an early $3 billion target and closing the biggest subordinated debt fund since the financial crisis in 2008.

The fund was raised through GSO, Blackstone's credit business, and will target upper middle-market mergers and acquisitions as well as leveraged buyouts, which Blackstone said are underserved by current debt options. Credit accounts for $46 billion of Blackstone's $166 billion asset portfolio.

Investors include New Jersey's teacher pension plan and...
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