Blackstone Credit Funds Announce Major Leadership Overhaul; Investment Strategy Unchanged

NEW YORK, Nov. 15, 2024 /PRNewswire/ — Blackstone Liquid Credit Strategies LLC, an affiliate of Blackstone Alternative Credit Advisors LP (collectively, and together with their affiliates in the credit, asset-based finance, and insurance asset management business unit of Blackstone Inc., “Blackstone Credit & Insurance” or “BXCI”), announced certain changes in Trustee and Officer positions, as well as the Portfolio Management team, for the three listed closed-end funds it advises, Blackstone Senior Floating Rate 2027 Term Fund (NYSE: BSL), Blackstone Long-Short Credit Income Fund (NYSE: BGX), and Blackstone Strategic Credit 2027 Term Fund (NYSE: BGB) (each a “Fund” and together the “Funds”).

Effective November 15, 2024, Robert Zable resigned from his positions as Trustee and Chairman of the Boards of Trustees (the “Board”) and as President and Chief Executive Officer of the Funds, and effective November 15, 2024, the Board appointed Daniel Leiter to these positions. Further, effective November 15, 2024, Marisa Beeney resigned from her positions as Chief Legal Officer and Secretary of the Funds, and effective November 15, 2024, the Board appointed Kevin Michel to these positions.

BXCI also announced changes to the Funds’ portfolio managers. Effective November 15, 2024, Robert Zable and Gordon McKemie stepped down as portfolio managers of the Funds, and Daniel McMullen and Meghan Fornshell became named portfolio managers of the Funds. Robert Post remains a portfolio manager of the Funds. Robert Zable has stepped down as a portfolio manager of the Fund due to his upcoming resignation from BXCI. Gordon McKemie stepped down as portfolio manager because his role at BXCI has evolved away from the day-to-day management of the Funds.

Mr. Leiter is the Head of International for Blackstone Credit & Insurance and the Global Head of Liquid Credit Strategies (“LCS”). Prior to joining Blackstone in 2024, he worked at Morgan Stanley where he was most recently a Managing Director in Fixed Income.

Mr. Michel is a Managing Director in the Legal & Compliance Group at Blackstone. He joined Blackstone in 2015 and is involved in the legal structuring and management of Blackstone’s retail-focused funds, with a particular focus on investment companies registered under the Investment Company Act of 1940.  

Mr. McMullen is a Senior Managing Director and the Head of Loan Strategies for Blackstone Credit & Insurance’s LCS group. He joined Blackstone in 2002 and is additionally the Senior Portfolio Manager for LCS’s U.S. loan separately managed accounts, commingled funds, and exchanged traded funds.

Ms. Fornshell is a Principal and a portfolio manager at Blackstone Credit & Insurance, focused on US loan strategies. She joined Blackstone in 2018.

There will be no change to the Funds’ strategies, investment objectives, or policies as a result of these changes.

Blackstone and Blackstone Credit & Insurance

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram. 

BXCI is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Investors wishing to buy or sell shares need to place orders through an intermediary or broker.

Contact the Funds at 1 (877) 299-1588 or visit the Funds’ website at www.blackstone-credit.com for additional information.

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SOURCE Blackstone