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Blackstone

Blackstone European Private Credit Fund

ECRED

Overview

Manager:
Blackstone
Manager Location:
London, United Kingdom
Manager Website:
blackstone.com
Fund Website:
ecred.com
Contact Email:
hidden@example.com
Contact Phone:
+12 34 5678 9012
Fundraising Status:
Open
Regime:
UCI Part II (Lux)
Fund Domicile:
Luxembourg
Term:
Perpetual Life
Vintage:
2022
Inception Date:
Oct 3, 2022
Fund Size:
€1.7B (as of Sep 30, 2025)
Base Currency:
EUR
Investor Type:
Non-retail, Institutional
Authorised for Sale:
Austria, Bulgaria +36 more

Strategy

Asset Class:
Private Debt
Sub-Asset Class:
Direct Lending
Underlying Investment Type:
Primary
Strategy Description:
ECRED aims to invest primarily in privately originated and negotiated loans to European companies, focusing on floating-rate, first-lien/senior secured and unitranche instruments, within a highly diversified portfolio. A smaller, flexible sleeve (about 10–20%) may be in broadly syndicated or publicly traded loans/bonds to help maintain liquidity and capture dislocations. The mandate also permits selective exposure to second-lien, unsecured/subordinated/mezzanine, structured credit and asset-backed financings.
Geographic focus:
Europe
Sector focus:
Technology, Software, Healthcare, Life Sciences, Energy Transition, Professional & Business Services, Infrastructure, Building
No. of Investments:
202 (as of Sep 30, 2025)
Focus Investment Type:
Senior Debt, Unitrache Debt
Other Focus:
Floating Rate Debt
Leverage:
Target of 1-1.25x debt-to-equity (up to 2x)
Investment Limits:
No more than 20% of NAV in single issuer or company

Allocations

Sector Breakdown

as of Sep 30, 2025

Geographic Breakdown

as of Sep 30, 2025

Rate Type Breakdown

as of Sep 30, 2025

Seniority Breakdown

as of Sep 30, 2025

Top Positions

as of Sep 30, 2025
IssuerGICS% of Portfolio
MoneycorpFinancial Services3.80%
KaroPharmaceuticals2.80%
Busy BeesDiversified Consumer Services2.80%
AdevintaInteractive Media & Services2.80%
PIBFinancial Services2.50%
System CSoftware2.50%
FortnoxSoftware2.40%
ASDAConsumer Staples Distribution & Retail2.30%
VFS GlobalProfessional Services2.20%
True PotentialCapital Markets2.20%

Performance

for I-A share class

Total Returns (% Net of Fees)

as of Sep 30, 2025

Performance Metrics

as of Sep 30, 2025
Net returnsShare Class: I-ABorgline - Evergreen, Europe, Private DebtICE BofA Euro High Yield TR Index
Since Inception (TR)34.1%37.2%33.2%
Since Inception (ann.)10.3%11.1%10%
2025 (YTD)5.5%7%4.6%
202410.2%10.4%8.6%
202312.8%14.1%12%
2022 (from Oct 2022)2.2%1.8%4.7%
Best Month Return1.7%2.1%3.7%
Best MonthDec 2023Dec 2023Nov 2022
Worst Month Return0.2%0.1%-1%
Worst MonthDec 2022Feb 2024Mar 2025
Distribution yield
TTM (ann.)N/AN/AN/A
Since Inception (ann.)N/AN/AN/A
Risk metrics
Volatility1.1%1.6%3.6%
Sharpe Ratio (risk-free rate of 4.3%)5.234.351.61

Key terms

for I-A share class
General
Distribution Type:
Accumulating
Investor Type:
Institutional
Currency:
EUR
Share Class Inception Date:
Oct 3, 2022
Minimum Subsribtion:
€25,000
Liquidity
Gate:
2% of aggregate NAV per month and 5% per calendar quarter
Gate Level:
Aggregate NAV
Redemption Frequancy:
Monthly
Redemption Basis:
NAV per Share as of the last calendar day of the month.
Redemption Notice Period:
By 5 p.m. CET on the first Business Day of the month of the Redemption Date.
Redemption Settlement:
Generally within 60 calendar days after the Redemption Date.
Subscribtion Frequency:
Monthly
Subscribtion Basis:
NAV per Share as of the end of the immediately preceding month.
Subscribtion Notice Period:
By 5 p.m. CET at least 4 Business Days before the Subscription Date
Dividend Distribution Frequancy:
N/A
Fees
Management Fee:
1.25%
Management Fee Basis:
NAV
Management Fee Paying Frequancy:
Monthly
Management fees charged on gross assets:
No
Portfolio-level fees (in addition to management fees):
Yes
Numerous portfolio/company and affiliated-service-provider fees borne by ECRED do not reduce/offset Fund Fees unless otherwise required
Performance Fee:
12.5%
Income component: 12.5% on net investment income (with 5% hurdle and 100% catch-up). Capital gains component: 12.5% on cumulative realized capital gains since inception (net of realized losses and unrealized depreciation; reduced by prior paid amounts).
Performance Fee Basis:
Net Investment Income, Realized Capital Gains
Income component: based on Pre-Performance Participation Allocation Net Investment Income Returns (quarterly). Capital gains component: based on cumulative realized capital gains from inception, net of realized losses and unrealized depreciation, less any previously paid capital-gains allocatio (annual).
Hurdle rate:
5%
Income component only
Catch-up:
100%
Income component only
Performance fees crystallize on unrealized gains:
No
Capital-gains allocation is payable only on cumulative realized gains (net of realized losses and unrealized depreciation); unrealized appreciation accrues but is not paid. Income component excludes unrealized gains.
Perpetual High Water Mark Mechanism (or equivalent):
Yes
Capital-gains allocation is computed from inception on a cumulative basis, net of realized losses and unrealized depreciation and less prior paid amounts - functionally an HWM/loss-carryforward; note the income component has only a quarterly hurdle (no HWM).
Front load (subscription):
0%
Back load (redemption):
2%
If redeemed within 1 year.
Servicing fee:
0%

Key investment people

Michael Carruthers
Senior Managing Director and European Head of Private Credit, Blackstone Credit & Insurance
London, United Kingdom
About

Michael Carruthers leads Blackstone's European private credit operations, overseeing ECRED and the broader European direct lending business. He is responsible for origination, research, structuring, and managing investments across the European private credit platform. Carruthers was elevated to…

Contact details
LinkedInEmailPhone
View profilehidden@example.com+12 34 5678 9012
Key information
Years at the firm:
19 years
Years in the industry:
20 years
Personal bankruptcy cases (US, UK):
Not displayed...
Litigations/Arbitration cases (US, UK):
Not displayed...
Regulatory history (SEC, FCA):
Not displayed...
Experience
Blackstone · 19 yrs 10 mos
Senior Managing Director and European Head of Private Credit
Jan 2006 - Present · 19 yrs 10 mos
London, United Kingdom
Credit Suisse · 1 yr
Investment Banking Division
Jan 2005 - Jan 2006 · 1 yr
London, United Kingdom
Education
Richard Ivey School of Business, University of Western Ontario
Bachelor of Business Administration with Honors
Sep 2001 - Jun 2003
London, Canada
Gilles Dellaert
Global Head of Blackstone Credit & Insurance
New York, United States
About

Gilles Dellaert is the Global Head of Blackstone Credit & Insurance, overseeing all of BXCI's operations including European private credit and ECRED. He provides strategic oversight and direction for the entire credit platform.

Contact details
LinkedInEmailPhone
View profilehidden@example.com+12 34 5678 9012
Key information
Years at the firm:
5 years
Years in the industry:
24 years
Personal bankruptcy cases (US, UK):
Not displayed...
Litigations/Arbitration cases (US, UK):
Not displayed...
Regulatory history (SEC, FCA):
Not displayed...
Experience
Blackstone · 5 yrs 7 mos
Global Head of Blackstone Credit & Insurance
Sep 2023 - Present · 2 yrs 2 mos
New York, United States
Global Head of Blackstone Insurance Solutions
Apr 2020 - Sep 2023 · 3 yrs 5 mos
New York, United States
Global Atlantic Financial Group · 6 yrs 7 mos
Co-President and Chief Investment Officer
Oct 2017 - Nov 2019 · 2 yrs 1 mo
New York, United States
Chief Investment Officer
Apr 2013 - Oct 2017 · 4 yrs 6 mos
New York, United States
Goldman Sachs · 9 yrs 9 mos
Reinsurance Group & Credit Trading Business
Jul 2003 - Apr 2013 · 9 yrs 9 mos
New York, United States
J.P. Morgan · 2 yrs
Various Roles
Jul 2001 - Jul 2003 · 2 yrs
Education
Ghent University
Bachelor's degree in Economics
Sep 1996 - Jun 2000
Ghent, Belgium
Michael Zawadzki
Global Chief Investment Officer for Blackstone Credit & Insurance; Portfolio Manager
New York, United States
About

Michael Zawadzki is Global CIO for BXCI, overseeing investment activity, portfolio management, and asset allocation across the platform including European strategies. He serves as Portfolio Manager for multiple funds and provides oversight on European private credit investments.

Contact details
LinkedInEmailPhone
View profilehidden@example.com+12 34 5678 9012
Key information
Years at the firm:
19 years
Years in the industry:
23 years
Personal bankruptcy cases (US, UK):
Not displayed...
Litigations/Arbitration cases (US, UK):
Not displayed...
Regulatory history (SEC, FCA):
Not displayed...
Experience
Blackstone · 19 yrs 10 mos
Global Chief Investment Officer, Blackstone Credit & Insurance
Jan 2006 - Present · 19 yrs 10 mos
New York, United States
Citigroup Private Equity · 2 yrs
Private Equity and Mezzanine Investments
2004 - 2006 · 2 yrs
New York, United States
Salomon Smith Barney · 2 yrs
Media and Telecom Investment Banking
2002 - 2004 · 2 yrs
New York, United States
Education
Wharton School, University of Pennsylvania
BS in Economics (magna cum laude)
Sep 1998 - Jun 2002
Philadelphia, United States

FAQ

What is Blackstone European Private Credit Fund?Blackstone European Private Credit Fund is an evergreen UCI Part II fund focused on Private Debt and managed by Blackstone.
Who manages Blackstone European Private Credit Fund?Blackstone European Private Credit Fund is managed by Blackstone, based in London, United Kingdom.
How big is Blackstone European Private Credit Fund?Blackstone European Private Credit Fund has a size of €1.7B.
What type of fund is Blackstone European Private Credit Fund?Blackstone European Private Credit Fund is an open-ended / evergreen UCI Part II fund investing in private debt domiciled in Luxembourg.
When was Blackstone European Private Credit Fund launched?Blackstone European Private Credit Fund was launched on Oct 3, 2022 and is structured as an UCI Part II vehicle with no fixed termination date.
Where is Blackstone European Private Credit Fund domiciled and regulated?Blackstone European Private Credit Fund is domiciled in Luxembourg under UCI Part II.

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ECRED | Blackstone European Private Credit Fund - Analysis