Blackstone Group LP, the largest publicly listed alternative asset manager, said on Wednesday that it had raised up to $960 million for its third publicly listed mutual fund to invest in corporate credit whose quality is below investment grade.Diversified alternative asset managers take money from large institutional investors, such as pension plans and sovereign wealth funds, to invest in a range of credit products, from high-yield bonds to senior loans.Launching mutual funds allows asset managers to pocket more fees from much larger swathes of the investment community through up-and-running platforms. Blackstone's credit businesses had $50.5 billion of assets under management at the end of June.The new fund, dubbed Blackstone/GSO Strategic Credit Fund , raised $834.8 million in an initial public offering, or $960 million assuming the full exercise of the underwriters' overallotment option, which is not certain, Blackstone said.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 1.02% or $-0.15/share to $14.58. In the past year, the shares have traded as low as $10.51 and as high as $17.25. On average, 2735650 shares of BX exchange hands on a given day and today's volume is recorded at 164991.
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