Blackstone Closes First CLO Fund on $600 Million.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 3, 2002 The Blackstone Group today announced the closing of one of the largest Collateralized Loan Obligation Collateralized loan obligation (CLO) A security backed by a pool of commercial or personal loans , structured so that there are several classes of bondholders with varying maturities, called tranches. Similar in structure to Collateralized Mortgage Obligations. vehicles of this year. Hanover Square CLO CLO See: Collateralized Loan Obligation. Ltd., The Blackstone Group's first CLO, is a $600 million investment pool that will principally invest in senior secured loans issued by the highest quality companies in the leveraged loan market across a wide variety of industries. Blackstone Debt Advisors, a unit of Blackstone's Corporate Debt Investing Group and headed by Dean Criares, serves as the Fund's collateral manager. Blackstone's Corporate Debt Group plans to further expand its presence in the loan market with additional CLO funds. The leveraged loan market increasingly looks to institutional funds to replace commercial banks who continue to de-emphasize their practice of lending. Howard Gellis, who heads Blackstone Corporate Debt Group said, "We are pleased to have successfully raised such a significant fund, with a diverse group on international and domestic investors, in an otherwise very difficult period in the capital markets. Dean Criares has assembled a team of professionals capable of growing this business into a major force in the senior loan market." About The Blackstone Group The Blackstone Group, a private investment bank with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London, was founded in 1985 by its Chairman, Peter G. Peterson, and its President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Stephen A. Schwarzman Stephen A. Schwarzman (born 14 February 1947) is the Chairman and co-founder of the Blackstone Group private-equity firm. Early life and education Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School. . The Blackstone Group's six core businesses are Mergers and Acquisitions Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Real Estate Investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. , Corporate Debt Investing, and Liquid Alternative Asset Management. |
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