Blackstone Collects $1 Billion for Credit Continuation Fund

Blackstone Inc. has raised roughly $1 billion for a private credit continuation fund, cashing out its existing investors as it continues to manage its loan portfolio.

Allianz Global Investors is the lead buyer of the vehicle, which holds the assets of Blackstone Capital Opportunities Fund IV that wrapped up fundraising in 2022, said people familiar with the deal, who asked not to be identified discussing confidential information. StepStone Group Inc. is also a buyer, the people said.

The original fund generated an 11% net internal rate of return as of June 30. Evercore Inc. advised Blackstone on the recent continuation process, the people said.

Other Blackstone funds continue to hold some of these loans, the people said.

Blackstone and Allianz declined to comment on the transaction. Evercore and StepStone didn’t reply to requests for comment.

Private credit secondaries deals, once a quieter corner of the market for secondhand stakes, have become one of the fastest growing segments. Transactions in which portions of loan portfolios are shuffled into continuation vehicles surged to $20.4 billion in the first half of 2026, more than all of last year, according to a report by Evercore .

Transactions led by fund managers such as Blackstone totaled $17 billion in the first half of this year, almost tripling from the same period in 2025.