Blackstone appointed Dominic Ashcroft, Goldman Sachs’s Head of Leveraged Finance for EMEA, to lead European Private Credit Origination at Blackstone Credit and Insurance.

Based in London, Ashcroft steps into the role previously held by Jurij Puth, who leaves the firm after 18 years.
This is one of the most notable talent moves from investment banking to private credit to date, highlighting the growing shift of senior debt market professionals into the private capital space. The trend reflects the rising influence of private lenders in corporate financing, particularly as banks grow more cautious amid volatile market conditions.

Ashcroft’s departure follows a string of similar transitions. Last year, Goldman’s Luke Gillam joined AlbaCore Capital, while Bank of America’s Murad Khaled moved to Apollo Global Management.

The growing dominance of private credit is also evident in deal activity. Private capital lenders are currently in advanced talks to arrange a €6.25bn ($6.7bn) loan for Adevinta ASA. If finalised, the deal would rank among the largest ever private credit financings, edging out banks that had pitched to refinance the company’s debt.

While traditional bank lending remains cheaper, private credit offers greater flexibility and speed—an edge in today’s uncertain market environment.