L&G, Blackstone Form $20 Billion Private Credit Partnership

British insurer Legal & General (L&G) has formed a strategic partnership with investment management giant Blackstone to access private credit opportunities valued up to $20 billion over the next five years. Under the deal, L&G's annuities business will invest up to 10% of new business flows into Blackstone’s private credit origination platform, primarily focusing on U.S. investment-grade assets. This collaboration aims to combine L&G’s strong positions in pension risk transfer and asset management with Blackstone’s extensive credit platform to develop innovative public-private hybrid credit solutions. L&G’s group chief executive António Simões highlighted that the partnership supports sustainable growth and enhances shareholder returns by expanding their capabilities and market reach. Blackstone’s president Jon Gray emphasized their commitment to bringing private markets benefits to various investors through this alliance. The deal also accelerates L&G’s ambitions to grow in global wealth and wholesale channels, aligning with industry trends toward increased insurer exposure to private credit.