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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