09:04 AM EDT, 10/29/2024 (MT Newswires) -- Blackstone (BX) said Tuesday it has amassed about $22 billion for a new direct lending fund targeting institutional investors, bringing its global direct lending platform to over $123 billion in assets under management as of Q3.

The Blackstone Senior Direct Lending Fund, which exceeded its $10 billion target, will provide lending in large-cap and middle-market deals, Bloomberg reported.

"Investors and borrowers continue to recognize the benefits that private capital can provide in direct lending and across the broader credit markets," Gilles Dellaert, global head of Blackstone Credit and Insurance, said in a statement.

Bloomberg described the fund as a hybrid between drawdown funds in which investors lock up capital for a number of years, and traditional evergreen funds without a set maturity that let investors buy in and out.

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