Blackstone and Key closed a transaction on a seed portfolio of middle market fund finance facilities.
KeyCorp announced a forward flow origination partnership with Blackstone Credit & Insurance (“Blackstone”) focused on Key’s Specialty Finance Lending (SFL) group. SFL is a leading asset-based lender serving clients nationally across middle market, growth capital, transportation, equipment, and other verticals. In connection with the partnership, Blackstone and Key closed a transaction on a seed portfolio of middle market fund finance facilities. Key will continue to originate, hold, and provide asset management services for new commitments across all sectors.
Randy Paine, Head of Key’s Institutional Bank said, “SFL is a highly successful business that has been organically built over the past 15 years to serve a dynamic and fast-growing client base with increasing financing needs. The partnership with Blackstone, a long-trusted participant in this sector, will accelerate the growth of the business and be mutually beneficial to all stakeholders, especially our clients.”
“Key’s SFL group is a strong franchise with deep relationships with originators,” said Rob Horn, Global Head of Infrastructure and Asset Based Credit at Blackstone. “We are pleased to have closed this initial transaction and look forward to growing the relationship with SFL.”
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Advisors
Morgan Stanley & Co. LLC and KeyBanc Capital Markets served as advisors to KeyBank.
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
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.
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