BlackRock collects $2b for global credit opportunities fund

FILE PHOTO: The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai/File Photo

BlackRock Inc, the world’s largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit Opportunities, reflecting investor demand for alternative investments.

The fund will invest in corporate credit assets across geographies and industries, and seek value throughout the credit cycle, according to BlackRock, which had $6.84 trillion in assets under management as of June.

Global Credit Opportunities’ fundraising builds on BlackRock’s broader push in establishing a global private credit franchise. In addition to opportunistic credit, over the last few years, BlackRock has expanded its private credit capabilities in Asian private credit, special situations, and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018.

BlackRock’s Global Credit platform manages $100 billion in total client assets, and seeks to generate income and capital growth by targeting less liquid opportunistic, stressed and special situations investments.

According to BlackRock’s 2019 Global Institutional Rebalancing Survey, 56% of global respondents planned to increase their allocations to private credit.

“Investors looking for attractive risk-adjusted returns and portfolio diversification are increasingly looking to credit, where scale and expertise can help generate alpha,” said Tim O’Hara, global co-head of credit.

“Building out our opportunistic credit strategy to take advantage of secular trends and cyclical dislocations in the credit markets is a natural evolution of our platform as we continue to bolster a credit business that can deliver for clients across risk spectrums and market cycles,” he said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.