Blackstone gained approval from the US Securities and Exchange Commission (SEC) to launch its latest evergreen fund, the Blackstone Private Multi-Asset Credit and Income Fund (BMACX). 

The fund, set to debut in the second quarter of 2025, will broaden access to Blackstone’s extensive credit platform for individual investors.

BMACX will invest across corporate credit, asset-based lending, real estate credit, and structured and liquid credit strategies. This initiative aligns with Blackstone’s ongoing push to bring institutional-grade alternative investments to a wider investor base. Meet and hear more from Blackstone at Italy’s Largest Private Equity Conference in Milan. 

The fund will complement Blackstone’s existing private wealth products, including its $54bn Blackstone Real Estate Investment Trust (BREIT) and Blackstone Private Credit Fund (BCRED), two of the firm’s largest retail-focused vehicles.

Structured as an interval fund, BMACX will permit daily subscriptions and provide quarterly liquidity of up to 5% of net asset value (NAV), subject to board discretion. The minimum investment requirement starts at $2,500, varying by share class.

The fund’s fee model includes an annual management fee of 0.75% and a 12.5% incentive fee on income, contingent on a 5% annualised hurdle rate with full catch-up. According to its prospectus, total annual expenses for the S share class could reach 7.04%, or 5.84% with fee waivers and expense reimbursements applied.

Blackstone’s move follows a broader industry trend, with major alternative asset managers like KKR, Ares Management, and Apollo Global Management launching similar vehicles to capitalise on rising demand from high-net-worth investors.