The combination will widen access to a private credit market in Europe that has traditionally been confined to institutional investors with high investment minimums and a requirement to lock up capital for long periods.

The move by Blackstone Private Wealth Solutions into what it sees as under-exploited European markets follows agreements with BNP Paribas earlier this year, and ING last year.

S-Bank's  private credit fund, invests in loans in unlisted companies, mainly in Europe. The S-Pankki European fund is a feeder fund whose target fund is Blackstone European Private Credit Fund SICAV. 

The target fund Blackstone European Private Credit Fund SICAV was launched in October 2022; it had €581 million in January. The investments are secured senior loans.