Blackstone Launches Senior Lending Fund After $22 Billion Debut

Blackstone Inc. has begun reaching out to investors to raise money for the second series of its senior direct-lending fund strategy, people with knowledge of the matter said, after the first amassed $22 billion just over a year ago.

The New York-listed private capital giant has launched Blackstone Senior Direct Lending Fund Series II, a new fund focused on lending in large-cap and middle-market transactions, said the people, who declined to comment publicly.

The first vintage’s close of $22 billion, including leverage, beat its initial target of $10 billion. So far it’s produced a 12% net return on a levered ...