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Blackstone Inc. manages alternative investment strategies across private equity, real estate and real assets, credit and insurance, and other alternatives for institutional, insurance and individual investors. News about BX commonly covers operating and financial results, realization activity, dividend announcements, fund and platform launches, and investments made through Blackstone-affiliated strategies.
Recurring developments include Blackstone Real Estate Debt Strategies lending activity, Blackstone Life Sciences financings, energy-transition and power-generation investments, data-center and digital-infrastructure initiatives, and partnerships tied to enterprise technology and AI deployment. Coverage also reflects capital formation, portfolio-company activity and updates from public vehicles connected to Blackstone platforms.
On January 3, 2023, UC Investments and Blackstone announced an expansion of their strategic venture, with UC Investments set to acquire an additional $500 million in BREIT Class I common shares. This follows their previous $4 billion investment, raising the total to $4.5 billion. The new investment is expected to close on March 1, 2023, maintaining the same terms as the initial investment, including a six-year minimum hold period. Additionally, Blackstone will contribute $125 million from its holdings into the venture.
Resolution Life has announced that Nippon Life Insurance Company will invest an additional $1 billion, raising its total investment in Resolution Life to $1.65 billion. This move follows a strategic partnership with Blackstone, which has become the investment manager for Resolution Life. The company aims to raise $3 billion in new equity capital, expanding its capital base to approximately $8 billion. This enhanced capital is expected to support Resolution Life's growth in the global life and annuity consolidation market, managing over $80 billion in reserves and 3 million policies. The investment is subject to regulatory approvals, expected in the second half of 2023.
Blackstone (NYSE:BX) has successfully closed its Strategic Partners IX and Strategic Partners GP Solutions, achieving commitments of $22.2 billion and $2.7 billion, respectively. SP IX is noted as the largest dedicated secondaries fund ever raised. Over the past decade, Blackstone Strategic Partners has expanded from less than $10 billion to $67 billion in assets under management across various strategies. Verdun Perry emphasizes a commitment to generating strong returns for investors while capitalizing on growing opportunities in the secondary market.
Blackstone (NYSE: BX) has appointed Brad Marshall as the Global Head of Private Credit Strategies, enhancing his role as Chairman and co-CEO of its BDCs, Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund (BXSL). Jonathan Bock joins as Co-CEO, previously CEO of Barings BDC. Blackstone Credit's assets under management have surged 135% to $234 billion over five years. This leadership expansion aims to meet growing demand for private credit solutions globally, indicating strong market positioning and opportunity.
Byron R. Wien and Joe Zidle from Blackstone have released the Ten Surprises of 2023, highlighting potential economic and market shifts. Key surprises include a competitive presidential nomination race, a hawkish Fed potentially leading to a mild recession, and a recovery in the market by mid-year. Other notable points are China's growth efforts, the U.S. becoming a leading oil producer, and continued challenges in Ukraine. Blackstone, managing $951 billion in assets, aims to create positive economic impact and long-term value for investors and communities.
Blackstone (NYSE: BX) and UC Investments have announced a significant long-term strategic partnership, with UC Investments committing $4 billion to acquire Class I common shares of Blackstone Real Estate Income Trust (BREIT). Blackstone will contribute $1 billion of its existing BREIT holdings in this venture. This investment is expected to enhance BREIT’s balance sheet flexibility and capital, providing an 11.25% minimum annualized net return for UC Investments over a six-year hold period. BREIT has delivered a 12.7% annualized return since inception.
Blackstone Private Credit Fund (BCRED) has announced an increase in its monthly distribution from $0.1900 to $0.2100 per share, representing a 10.2% annualized yield based on an October NAV of $24.60. This adjustment will take effect for the December 2022 distribution, with a record date of December 30, 2022, and payment expected around January 27, 2023. The increase is attributed to rising earnings power due to higher interest rates and an advantageous portfolio structure.
VICI Properties has signed an agreement to acquire BREIT's 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay for approximately $1.27 billion. This acquisition also involves VICI assuming BREIT’s share of property-level debt of $3 billion, maturing in 2032. The properties are subject to a triple-net lease with MGM Resorts, yielding annual rents of $310 million. The deal is expected to be accretive to VICI's AFFO per share and is anticipated to close in early 2023.
Blackstone (NYSE:BX) announced that Chairman and CEO Stephen Schwarzman will present at the Goldman Sachs 2022 US Financial Services Conference on December 7, 2022, at 12:20 PM ET. Investors can view the presentation live via webcast on Blackstone's website, with a replay available afterward. Blackstone, the world's largest alternative asset manager, oversees $951 billion in assets under management across various investment vehicles.
Blackstone (NYSE: BX) has successfully completed an offering of $600 million in 5.900% senior notes due 2027 and $900 million in 6.200% senior notes due 2033 through its subsidiary, Blackstone Holdings Finance Co. The notes are guaranteed by Blackstone and its indirect subsidiaries. Proceeds from the offering will be used for general corporate purposes. The notes were sold to qualified institutional buyers under Rule 144A and Regulation S without registration under the Securities Act of 1933.