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BlackRock seeks up to USD 4 billion for new private credit fund

The world’s largest asset manager is looking to raise about USD 4bn for the latest vintage of its Global Credit Opportunities fund, as the market for private credit instruments swells to more than USD 1trn.

Photo: PR / BlackRock

BlackRock has already raised about USD 2bn -- half of the targeted amount -- for the new private credit fund, according to a person with knowledge of the matter, who asked not to be identified discussing private information.

The vehicle will have a similar focus to BlackRock’s flagship GCO fund in that it will provide financing to borrowers shut out of traditional debt markets owing to financial distress, size or other factors. A representative for BlackRock declined to comment.

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