Blackstone Hits $10 Billion Cap for Opportunistic Credit Fund

Blackstone Inc. raised $10 billion for its latest opportunistic credit fund, signaling sustained appetite from institutional investors to capitalize on upheaval in the private debt market.

In the firm’s largest-ever haul for opportunistic credit, Blackstone Capital Opportunities Fund V was oversubscribed and closed at its hard cap, according to a statement seen by Bloomberg News. It will include both performing investments and opportunistic ones, the latter of which target assets that may be undervalued.

The $1.8 trillion private credit market has been scrutinized in recent months over its exposure to the software industry, which faces an existential threat from advances ...