Blackstone Closes on Record $10B for Global Credit Fund as Private Debt Demand Holds

Blackstone has closed its fifth flagship opportunistic credit fund at its $10 billion hard cap, surpassing its predecessor by $1.25 billion and marking the largest fundraise in the strategy’s nearly two-decade history.

The fund, Blackstone Capital Opportunities Fund V, was oversubscribed and closed at its hard cap, the company said in a press release. The opportunistic credit strategy has generated a 13 percent net internal rate of return since inception in 2007, building on what Blackstone describes as a 20-year track record of investing through market cycles.

“COF V is Blackstone’s largest opportunistic credit fund raised to date, reflecting continued strong institutional demand for private credit,” said Lou Salvatore, co-portfolio manager of the fund. “Amidst a noisy backdrop for the industry, we believe this fundraise demonstrates the strength of Blackstone’s capabilities in private credit, and we’re grateful for the support from both longstanding and new investors.”

The close comes as Blackstone’s credit team sees accelerating opportunity in Asia Pacific, where Japan’s record M&A activity is generating demand for financing structures that traditional banks are not positioned to provide, Mark Glengarry, senior managing director and head of Asia Pacific private credit strategies at Blackstone said at Bloomberg’s Global Credit Forum in Tokyo in November.

Flexible Mandate

Capital Opportunities Fund V will invest across a range of industries, geographies and capital structures, targeting both performing credit and assets that may be undervalued in dislocated market conditions.

Co-portfolio manager Rob Petrini said the fund’s broad mandate positions the firm to provide opportunistic and structured solutions to companies in sectors with strong thematic tailwinds.

The predecessor fund, Capital Opportunities Fund IV, closed in January 2022 at $8.75 billion, with Blackstone managing $520 billion of total assets across corporate and real estate credit.

Japan Push

Speaking at the November event, Glengarry indicated that Blackstone positions its Japan credit strategy as complementary to the local banking system rather than competitive, focusing on complex financing structures that banks do not naturally provide.

“I’m really optimistic you’re going to see a number of large private credit transactions in the coming couple of quarters,” Glengarry said.

Blackstone moved to build out its Japan credit origination capability in August 2025, making its first dedicated hire for the business with the appointment of Mao Ito, a former Goldman Sachs principal, to its credit and insurance team in Tokyo, according to Bloomberg.

Blackstone’s Asia credit push puts it in direct competition with KKR, which completed $2.5 billion in fundraising for Asia Pacific private credit strategies in January 2026, including its largest pan-regional performing credit fund.

Asia Pacific Momentum

The global private credit milestone comes after Blackstone reached a record closing on its Asia buyout strategy in recent months.

In March the Manhattan-based firm reached more than $12 billion in commitments for its Blackstone Capital Partners Asia III fund, its third Asia Pacific private equity buyout vehicle, according to a Bloomberg report. 

In February Blackstone led a $1.2 billion funding round for India data centre startup Neysa, and during that same month took a primary position in a $10 billion debt financing round for Australian data centre player Firmus.