Credit-focused asset manager Blackstone is experiencing some shifts in leadership with the promotion of a longtime CEO and the addition of a new leader, Jonathan Bock.
Brad Marshall, who has been leading the firm’s direct lending efforts for nearly 17 years, has been promoted to Global Head of Private Credit Strategies (PCS), adding to his role as Chairman and co-CEO of the firm’s two business development companies (BDCs), Blackstone Private Credit Fund (BCRED) and Blackstone Secured Lending Fund.
Meanwhile, Jonathan Bock, the former CEO of Barings Business Development Company (BDC), will serve as co-CEO of Blackstone's BDC division. Bock also served as the President of Barings Private Credit Corporation and the Chief Financial Officer of Barings Corporate Investors, Barings Capital Investment Corporation, and Barings Participation Investors. Bock was a highly-ranked Equity Analyst at Wells Fargo before working with Barings.
Marshall lauded Bock's skills in handling the credit market's overall transition to private equity, and others at Blackstone added that Bock's experience would be imperative in their newest phase of development and expansion.
“Jonathan is a long-time friend and an exceptional thought leader in the BDC space, and I’m delighted to have his partnership as we continue to expand our business,” said Marshall. “Blackstone Credit’s tremendous growth in the last five years, when combined with the secular shift towards private credit and a very attractive market opportunity today, create a platform design that will benefit from Jonathan’s knowledge and experience.”
"Elevating Brad and adding Jonathan to our leadership team will help us continue to meet the strong customer demand for private credit strategies globally," said Dwight Scott, Global Head of Blackstone Credit, in a press release. "Our BDC portfolios have broad exposure across sectors, comprising primarily senior secured, floating rate debt, and we believe they are well positioned for the current environment."
Blackstone provides privately originated floating rate loans to medium-sized middle-market companies. It leverages financial aid to help address short and long-term growth strategies. The organization has two BDCs: its Private Credit Fund and its Secured Lending Fund. And as Blackstone management expands, new leadership will be needed to evaluate and streamline new processes; their total assets under management have skyrocketed 135% over the past five years to a whopping $234 billion. Blackstone's Private Credit Strategies comprise around half of Blackstone Credit's current business.