BlackRock has acquired debt financing provider Kreos Capital, building its global credit business and offering clients a greater range of private debt capabilities.
The transaction is expected to close Q3 2023, pending regulatory approval.
Kreos Capital invests across the technology and healthcare sectors, dedicating more than €5.2 billion to more than 550 companies located in Europe and Israel since 1998.
The firm’s 45-strong team will join BlackRock’s European Private Debt platform, with those in leadership roles continuing to lead on Kreos’ investment strategies.
James Keenan, chief investment officer and global head of BlackRock Private Credit, says: “BlackRock has built leading private debt capabilities to help clients achieve investment goals by aligning proven investment excellence with long term market opportunities.
“The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock.”
Mårten Vading, co-founder and general partner at Kreos Capital, comments: “As a pioneer of private debt solutions for high growth technology and healthcare companies in Europe and Israel, Kreos is now taking the next step by accelerating the business and partnering with BlackRock. The transaction enables us to leverage BlackRock’s scale, resources, and technology to create a holistic product offering that serves companies globally.”
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