Marshall, Blackstone’s 17-year Direct Lending Lead, Promoted as Credit Arm Activity Booms

Blackstone, one of the world’s largest alternative asset managers, has recently promoted Dwight Scott Marshall to the position of President and Chief Operating Officer of its credit arm. Marshall has been with Blackstone for 17 years, leading the firm’s direct lending business and playing a key role in building its credit platform.

The promotion comes as Blackstone’s credit arm continues to see significant growth, with assets under management reaching $135 billion as of the end of 2020. The credit business has become a major part of Blackstone’s overall operations, accounting for nearly half of the firm’s total assets under management.

Marshall’s promotion is seen as a reflection of his success in leading Blackstone’s direct lending business, which has become one of the largest in the industry. Direct lending involves providing loans directly to companies, bypassing traditional banks and other financial institutions. This type of lending has become increasingly popular in recent years, as companies seek alternative sources of financing and investors look for higher yields in a low-interest-rate environment.

Blackstone’s direct lending business has been particularly successful in the middle market, where it has provided financing to companies with annual revenues between $50 million and $1 billion. The firm’s middle-market lending portfolio now includes more than 200 companies across a range of industries.

Marshall’s promotion also reflects Blackstone’s broader strategy of expanding its credit business. The firm has been actively seeking to grow its credit platform through acquisitions and partnerships. In 2020, Blackstone acquired a majority stake in DCI, a European direct lending firm, and formed a partnership with AIG to invest in life insurance policies.

Blackstone’s credit business has been a bright spot for the firm during the COVID-19 pandemic, as it has continued to generate strong returns despite the economic downturn. The firm’s credit funds posted double-digit returns in 2020, outperforming many other asset classes.

Overall, Marshall’s promotion is a sign of Blackstone’s continued commitment to its credit business and its confidence in his ability to lead the firm’s growth in this area. As the demand for alternative sources of financing continues to grow, Blackstone is well-positioned to capitalize on this trend and continue to generate strong returns for its investors.

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• Source: Plato Data Intelligence: PlatoData