BlackRock Raises £1.7 Billion for Diversified Private Debt Fund

BlackRock Inc. has raised a total of £1.7 billion pounds ($2 billion) from UK pension plans to invest in a private debt fund.

Unlike most private funds that focus on a single strategy, BlackRock’s Diversified Private Debt Fund will provide its limited partners access to BlackRock’s global opportunistic strategy, as well as its European and US direct lending and real estate franchises, the firm said in a statement.

Private credit has seen tremendous growth over the past decade, amassing roughly $1.2 trillion globally, according to data provider Preqin. This year, private equity firms increasingly turned to private debt for funding, ...