Blackstone launches $2bn financing partnership with ITE Management
Funds managed by Blackstone Credit & Insurance (BXCI) have taken a minority share in ITE Management, and the two firms have agreed to a strategic forward flow partnership.
Under the terms of the partnership, BXCI aims to provide ITE with up to $2bn (£1.56bn) of capital for investments and financing.
ITE Management is an alternative asset manager which specialises in transportation infrastructure. The BXCI investment and strategic partnership is intended to enhance ITE’s leadership position in the transportation infrastructure sector.
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“ITE is a respected leader in the transportation infrastructure space, where they own, operate, and finance critical assets that support key segments of the US economy,” said Robert Horn, global head of infrastructure and asset based credit at BXCI.
“We are excited to partner with ITE on large scale transportation infrastructure investment opportunities across the capital structure and return spectrum.”
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“This investment and partnership with Blackstone is recognition of ITE’s leading position in transportation infrastructure finance and the growing opportunity set within the sector,” added Jason Koenig, co-founder of ITE.
“Our firm will benefit from Blackstone’s debt and equity financing as well as its expansive global network.”
ITE has more than $10bn in assets and focuses on asset-backed investments. Meanwhile, BXCI’s infrastructure and asset based credit platform manages over $90bn and has over 70 investment professionals.
Transaction proceeds will be directed towards growing existing ITE products and funding growth initiatives, including new products and platforms, the companies said. ITE will continue to operate independently under the ongoing leadership of co-founders Koenig and David Smilow.
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