Blackstone and Phoenix Financial announced a partnership that will see Phoenix invest up to $5 billion in Blackstone’s credit platform, which manages more than $508 billion in credit assets worldwide.
Blackstone’s total assets under management stand at $1.242 trillion, with $906.2 billion in fee‑earning assets, while Phoenix Financial manages roughly $180 billion in assets. Blackstone is widely recognized as the world’s largest alternative asset manager, and Phoenix is Israel’s largest asset manager.
The deal is designed to deepen Blackstone’s private‑credit footprint and to give Phoenix access to a diversified range of private‑credit opportunities. For Blackstone, the partnership opens a foothold in the Israeli market, a region increasingly turning to alternative credit solutions. For Phoenix, the alliance expands its international reach and provides its clients with exposure to Blackstone’s global origination capabilities and co‑investment opportunities.
Jon Gray, Blackstone President and COO, said the partnership “strengthens our ability to deliver compelling private‑credit opportunities to a broader set of investors, leveraging our scale and origination expertise.” Eyal Ben Simon, CEO of Phoenix Holdings, added that the collaboration “enhances the range of high‑quality opportunities we bring to Israeli investors and reflects Phoenix’s strategy of working with the strongest partners globally.”
The $5 billion commitment is expected to boost Blackstone’s fee‑earning base and reinforce its position as the leading alternative asset manager. The partnership also signals continued momentum in the private‑credit market, with both firms poised to benefit from growing demand for alternative yield and from the synergies of combining Blackstone’s global reach with Phoenix’s local market expertise.
Overall, the partnership represents a significant strategic alignment that expands Blackstone’s distribution network, deepens Phoenix’s international capabilities, and underscores the growing importance of private credit in global asset‑management strategies.
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