UniCredit announces the opening of the distribution of the Blackstone ECRED (European Private Credit Fund) fund to UniCredit's Wealth clients in Italy.
Blackstone is one of the world's largest asset managers in the private markets and ECRED is an actively managed semi-liquid open-ended alternative investment fund focused on corporate credit. It provides access to credit from the private markets while offering the investor the flexibility to liquidate the investment. Subscriptions and redemptions of units take place monthly, as do expected distributions.
ECRED is designed to offer more sophisticated 'income related' investors access to private credit solutions that are usually dedicated only to institutional investors. The fund will seek to build a diversified portfolio of predominantly floating-rate privately originated and traded loans.
Professional clients serviced by UniCredit's Wealth Management network in Italy can subscribe ECRED starting from June 19, 2023.
Andrea Valeri, Chairman of Blackstone Italy and Senior Managing Director at Blackstone Credit, said: "In the current environment, private credit has become one of the most attractive strategies for individual investors. We are excited to open this new strategy to UniCredit's Wealth clients. We can offer investors access to Blackstone Credit's unrivalled platform, experience and scale as one of the world's largest credit managers".
Rashmi Madan, Head of EMEA for Blackstone Private Wealth Solutions, added: "This is a significant milestone for us as we continue to grow our presence in Italy to offer institutional quality solutions to eligible individual investors. Blackstone Credit's successful track record indicates the potential for private market strategies to complement investors' existing portfolios".
Renato Miraglia, Head of Wealth Management at UniCredit Italy said: "In this market environment characterized by high inflation and interest rates, introducing investment strategies less correlated to the volatility present in the public markets and built to capture opportunities in the real economy, especially in Europe, is an important element. Blackstone's vehicle meets these needs and allows us to expand our Private Markets investment solutions offering. Our goal is to progressively increase the focus in terms of asset allocation, services and advice with solutions aimed at responsibly managing clients' assets and creating value for the business community".
Milan, 19 June 2023
Contacts:
Media Relations
e-mail: MediaRelations@unicredit.eu