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Goldman Sachs Alternatives has raised $1 billion for a private credit strategy aimed at climate and environment-related businesses, focusing on senior loans while addressing a supply-demand imbalance in sustainable investments. The firm plans to raise up to $3 billion, targeting net returns of 8-10% for levered deals and 13% for unlevered deals, primarily in North America and Europe. This initiative follows a trend in sustainable credit, with other firms also raising significant funds for climate-focused projects.
Investmark Advisory Group LLC increased its stake in Blackstone by 2.4% in Q3, owning 2,608 shares valued at $399,000. McIlrath & Eck LLC raised its holdings by 6.5%, while Meiji Yasuda Asset Management grew its stake by 0.5% in Q4. Institutional investors own 70% of the stock. UBS upgraded Blackstone to a "buy" rating with a target price of $180, indicating a potential upside of 27.65%. The stock currently has a "Hold" rating from analysts, with a consensus price target of $172.38.
Deutsche Bank has partnered with DWS Group, granting the asset manager first refusal on private credit deals, including asset-based finance and direct lending. Patrick Connors will join DWS as global head of private credit, aiming to enhance the firm's growth strategy amid a competitive landscape. This collaboration reflects a trend among banks to align with asset managers to strengthen their private credit offerings.
DWS Group has entered a private credit partnership with Deutsche Bank, granting the asset manager preferred access to loans originated by the bank. Patrick Connors, Deutsche Bank’s European head of credit financing, will join DWS as global head of private credit, overseeing the strategy. This collaboration leads to the winding down of DB Investment Partners, as DWS aims to enhance its private debt business amid a competitive landscape.
Citi's Michael Lavelle has been appointed vice chairman of lending after three decades, while Blackstone's Joseph Baratta and Michael Chae join the ranks of billionaires. UBS's Mike Dargan received a $12m loan to aid in the complex integration of Credit Suisse, as the demand for junior bankers dwindles amid a challenging work environment. Meanwhile, HSBC faces pressure in equities trading, with US banks increasingly dominating the market.
UBS is reportedly in talks to acquire a stake in 360 One, a prominent Indian wealth management firm, reflecting the country's increasing significance in global banking strategies. This move aligns with a broader trend, as HSBC also aims to expand its presence in India's wealth management sector, targeting high-net-worth individuals beyond major cities. India's wealth landscape is rapidly evolving, with a notable rise in high-net-worth and ultra-high-net-worth individuals, indicating a lucrative market for foreign investment.
Shares of Blackstone rose 2.3% to $144.12 following an upgrade from UBS, which changed its rating from "neutral" to "buy" and set a price target of $180, indicating a potential 27.8% upside. UBS views the recent selloff as a buying opportunity for this blue-chip firm, citing its strong position in wealth management and easing headwinds in its real estate sector. Currently, 10 of 24 brokerages rate Blackstone a "buy" or higher, while 14 maintain a "hold," with a median price target of $184, despite the stock being down 16.5% year-to-date.
UBS has upgraded Blackstone Inc. to a "Buy" rating from "Neutral," setting a price target of $180. Blackstone specializes in managing investment funds for private and institutional investors, with activities spanning investment fund management, insurance solutions, and real estate asset management. As of the end of 2023, the firm boasts USD 1,040.2 billion in assets under management.
UBS has upgraded Blackstone's stock rating from Neutral to Buy, setting a target price of $180, citing the stock's current undervaluation at $140.89. The firm’s resilience amid redemption concerns and impressive revenue growth of 64.79% over the past year bolster this outlook, alongside a strong dividend yield of 4.09%. Blackstone's recent $8 billion fundraising for a commercial real estate debt fund and plans to expand its assets in India further highlight its strategic positioning in various sectors.
UBS analyst Brennan Hawken upgraded Blackstone's stock rating from Neutral to Buy, setting a price target of $180, citing the recent 27% drop in shares as a buying opportunity. Blackstone's strong market position, impressive revenue growth of 64.79%, and strategic investments in distribution and product innovation are expected to drive significant growth in fee-based earnings through fiscal 2026.Additionally, Blackstone raised $8 billion for a commercial real estate debt fund, reflecting its active role in the market, while CEO Stephen Schwarzman expressed support for US tariffs to enhance manufacturing growth and plans to double assets under management in India.
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Goldman Sachs secures 1 billion for climate credit investment strategy
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