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Blackstone Alternative Credit Advisors
Gilles Dellaert runs Blackstone's $330B credit platform — the world's largest private credit manager — combining direct lending with insurance capital.
Blackstone Alternative Credit Advisors
BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP is an SEC-registered investment adviser in NEW YORK, NY, registered since 2006. The firm manages $44.1 billion in assets, with $42.6 billion on a discretionary basis. It has 753 employees and 443 investment advisers.
General information
Firm type
Asset Manager
Year founded
2014
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
London, United Kingdom
Principals
Gilles Dellaert
Global Head of Blackstone Credit & Insurance (BXCI)
Michael Zawadzki
Global Chief Investment Officer of BXCI
Sector focus
Frequently asked questions
Who runs investment decisions at Blackstone Alternative Credit Advisors?
Gilles Dellaert leads the overarching Blackstone Credit & Insurance (BXCI) platform as Global Head. Michael Zawadzki serves as Global Chief Investment Officer of BXCI, overseeing investment strategy across liquid and illiquid credit. Individual investment decisions are made by sector-specialist teams within the direct lending, asset-based finance, and structured credit groups, operating under the firm's central risk framework.
How does Blackstone Alternative Credit Advisors source deal flow?
Deal flow is generated through Blackstone's integrated sector coverage model. The credit group leverages relationships cultivated by the firm's private equity, real estate, and infrastructure teams, as well as direct relationships with private-equity sponsors, corporate borrowers, and intermediaries. Blackstone's scale and brand give it early visibility into large, complex financing needs that smaller credit managers cannot underwrite alone.
Does Blackstone Alternative Credit Advisors co-invest alongside external GPs?
BACA typically acts as a direct lender or anchor investor in credit facilities, rather than co-investing alongside external GPs in the traditional private-equity sense. It participates in club deals with other institutional credit managers on large transactions, and it frequently partners with banks on structured credit and CLO issuance. The platform does not typically serve as a passive LP in third-party credit funds.
What is the relationship between BACA and Blackstone's insurance business?
BACA is the SEC-registered investment advisor for credit strategies housed within Blackstone Credit & Insurance (BXCI). BXCI manages assets for institutional investors, the Blackstone Private Credit Fund (BCRED), and insurance liabilities — including those of Resolution Life, in which Blackstone holds a majority stake. The insurance relationship provides BACA with permanent, low-cost capital that expands its lending capacity and reduces liquidity risk relative to typical credit funds.
Does the platform invest outside the US?
Yes. BACA originates credit investments across North America, Europe, and select Asian markets, consistent with Blackstone's broader geographical footprint. In 2023, the platform partnered with the European Investment Bank to support renewable energy infrastructure lending, demonstrating active European origination.
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