Blackstone garners US$1.3bn for distressed debt

The Blackstone Group has raised a US$1.3bn fund focused on investing in debt securities including collateralised debt obligations.

“The fund was created to capitalise on the recent dislocations in the credit markets by investing in a broad range of debt and debt-related securities and instruments including bank debt, publicly-traded debt securities, bridge financings, securities issued by CDOs and other debt instruments, on a global basis,” the US private equity firm said in a statement.

Blackstone’s corporate debt group manages approximately US$11bn in assets.