In a move to expand its direct lending capabilities, Blackstone Group Inc. has appointed former Goldman Sachs executive Marshall Wace as the head of its 17-year-old direct lending division. The move comes as the private equity giant continues to build out its credit arm and make strategic investments in the space.
Marshall Wace, who was most recently a managing director at Goldman Sachs, will lead Blackstone’s direct lending division. The division, which has been active since 2003, provides financing to companies that are unable to access traditional bank financing. The division has invested in a variety of industries, including healthcare, technology, media, consumer products, and energy.
Blackstone’s direct lending division has seen significant growth in recent years. In 2020, the division invested over $7 billion in more than 80 companies across the U.S., Europe, and Asia. This included investments in companies such as online retailer Wayfair, pet food company Chewy, and home security company SimpliSafe.
The appointment of Marshall Wace is part of Blackstone’s strategy to expand its credit arm and increase its direct lending capabilities. The firm has also recently made strategic investments in the space, such as a $2 billion investment in Apollo Global Management’s credit arm and a $1 billion investment in Ares Management’s credit arm.
Blackstone’s direct lending division is well-positioned to capitalize on the current market environment. With banks continuing to be reluctant to lend to small and medium-sized businesses, direct lenders have become increasingly important sources of capital for these companies. Blackstone’s direct lending division is well-positioned to take advantage of this trend and provide financing to companies that are unable to access traditional bank financing.
The appointment of Marshall Wace as head of Blackstone’s direct lending division is a sign that the firm is committed to expanding its credit arm and increasing its direct lending capabilities. With his experience at Goldman Sachs, Wace is well-positioned to lead the division and help it capitalize on the current market environment.
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