Blackstone and Phoenix Financial Announce Partnership

Key Terms

alternative asset manager financial

An alternative asset manager is a professional or firm that invests on behalf of clients in assets outside of traditional options like stocks and bonds, such as real estate, private companies, or commodities. These managers seek to diversify investment portfolios and potentially improve returns by exploring less common investment opportunities that are often less liquid and more specialized. Their work matters to investors because it can help spread risk and access unique sources of growth not available through standard investments.

credit strategies financial

Credit strategies are investment approaches that focus on lending-related assets such as bonds, loans and other debt instruments, plus tools that trade or hedge those exposures. Like choosing which customers to lend to and on what terms, these strategies balance potential income from interest against the risk that borrowers won’t pay; that trade-off influences expected returns, volatility and how a portfolio responds to changes in interest rates or economic conditions, so investors watch them to manage yield and risk.

asset-based credit financial

Asset-based credit is a loan or line of credit that is backed by a company’s tangible assets—like inventory, accounts receivable, equipment, or real estate—so the lender can use those assets as security if the borrower can’t repay. For investors, it matters because such financing can make a company more resilient during cash squeezes but also signals that the company may have weaker unsecured borrowing options; the claim on assets affects who gets paid first in trouble, similar to a mortgage on a house.

co-investment financial

Co-investment is when one or more investors put money directly into the same deal alongside a lead investor or fund, rather than only investing through the lead's pooled vehicle. Think of it like joining a group of friends to chip in for a single big purchase: it can give investors larger or cheaper exposure to a specific asset, closer alignment with the lead, and higher potential returns — but also concentrates risk in that single investment.

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

private corporate credit financial

Private corporate credit is lending made directly to a company outside public bond markets, typically through loans or privately placed debt offered to institutional or accredited investors. It matters because it can provide higher interest payments than public bonds—like lending money to a small business for a higher return—but comes with greater risks such as harder-to-sell holdings, stricter borrower inspections, and sensitivity to a company’s ability to repay.

liquid corporate credit financial

Liquid corporate credit is debt issued by companies—such as bonds or bank loans—that can be bought or sold quickly without large price changes, because there are many buyers and sellers. Investors care because higher liquidity makes it easier to enter or exit positions, reduces the chance of being stuck with an investment at an unfavorable price, and generally lowers the cost and risk of lending to or owning corporate debt—think of it like choosing a widely traded stock instead of a rare, hard-to-sell collectible.

real estate debt financial

Debt tied to property ownership or development, such as mortgages, construction loans, or bonds secured by real estate; it represents money borrowed to buy, build, or refinance buildings and land. Investors care because it affects cash flow, risk and returns: like lending against a house, real estate debt can provide steady interest income and priority claim on assets if things go wrong, but it also carries credit and market-value risk tied to property conditions.

TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)-- Phoenix Financial (“Phoenix”, TASE: PHOE), a leading Israel-based asset management and insurance company, and Blackstone (NYSE: BX), the world’s largest alternative asset manager, today announced a strategic partnership.

Under the agreement, Phoenix and Blackstone will collaborate across a range of credit strategies, including corporate, real estate and asset-based credit. Phoenix will invest up to $5 billion across these strategies, leveraging Blackstone’s global credit origination capabilities and additional co-investment opportunities for the benefit of its clients.

Jon Gray, Blackstone President & COO, said: “We’re thrilled to further support Phoenix and its clients through this partnership. 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.”

Blackstone has over $1.2 trillion in assets under management across a wide range of alternative investment asset classes. Specifically in credit, Blackstone is the largest third-party investment manager globally, with $508 billion in credit assets. This includes investment businesses 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.

Phoenix is the largest asset manager in Israel, with more than $180 billion in assets under management, and continues to expand internationally through partnerships with global investment leaders. Today's announcement aligning Phoenix with Blackstone underscores this long-term strategy, strengthening its investment platform and broadening access for Israelis to differentiated global opportunities.

Eyal Ben Simon, CEO of Phoenix Holdings, said: “We are proud to broaden our global alternatives platform by partnering with Blackstone, a world-class leader in private credit and origination. 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.”

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Phoenix Financial

Phoenix Financial is a leading Israel-based asset management and insurance company traded on the Tel Aviv Stock Exchange (TASE: PHOE). Phoenix activities have demonstrated strong growth and performance across the cycle, and serve a significant portion of Israeli households and businesses with a broad set of financial solutions. Managing over $180 billion in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251217289780/en/

Thomas Clements

Thomas.clements@blackstone.com

646 482 6088

Source: Blackstone