WASHINGTON (dpa-AFX) - Blackstone Inc. (BX), Wednesday announced enters into an agreement with Phoenix Financial, an asset management and insurance company, to collaborate across a range of credit strategies, including corporate, real estate and asset-based credit.
As per the deal, Phoenix will invest up to $5 billion across these strategies, using Blackstone's global credit origination capabilities and additional co-investment opportunities for its clients.
Blackstone sees this opportunity to further expand its private credit universe with the help of its origination capabilities and insights from across the firm.
In the pre-market hours, BX is trading at $153.45, up 0.92 percent on the New York Stock Exchange.
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