Blackstone boosts Asia credit coverage

The move coincides with the appointment of Paulo Eapen as head of the firm’s regional credit operation. Eapen, who already leads the business in Europe, has been tasked with building out the Asia presence, which will encompass everything from public debt to private loans.

Glengarry spent seven years with Anchorage Capital, working on private investments across the credit, special situations, and illiquid areas as a managing director in the London and Sydney offices. Before that, he worked in investment banking for Morgan Stanley. He continues to be based in Sydney.

“Private credit has become a larger part of the credit markets in the US and Europe, and we believe the same trend will play out in Asia in the near term. We see tremendous opportunity across the region for creative solutions that help companies grow and navigate the increasingly complex market environment,” said Dwight Scott, Blackstone’s global head of credit, in a statement.

Blackstone is one of the largest credit managers globally, with USD 230bn in assets under management. This compares to USD 268bn in private equity and USD 298bn in real estate.

More global private equity firms – as well as some of the larger regional managers – are looking to roll out credit strategies in Asia. Commonly cited driving factors include having the ability to take advantage of opportunities where the target company is reluctant to take equity funding and filling the gap left by banks that are withdrawing from direct lending.

Last week, KKR closed its debut Asia credit fund with USD 1.1bn in commitments.

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• private debt