Blackstone has begun raising capital for the second vintage of its senior direct lending strategy, following the strong performance of its inaugural $22bn fund, according to sources cited by Bloomberg.

The first Senior Direct Lending Fund closed just over a year ago at more than double its original $10bn target and has delivered a 12% net return on a levered basis, according to regulatory filings.

Series II will continue to focus on large-cap and mid-market lending, using a hybrid structure that blends features of drawdown vehicles and evergreen funds. The model allows investors to lock up capital for fixed periods while still offering periodic entry and exit points.

The launch comes as private credit remains the dominant fundraising engine for major alternative asset managers. Listed firms raised $257bn in the third quarter, with around 60% coming from credit strategies.

Blackstone declined to comment on the new fund.

The expansion of the senior lending platform underscores how investor demand is consolidating around the industry’s largest managers, who offer scaled origination pipelines and diversified deployment channels across private credit.

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