BlackRock scoops up European lender to boost private credit business

has grown tremendously as traditional banks pull away from loaning to small and risky companies. Investors have been keen on the asset class, as it promises big returns as interest rates rise. Private debt investing has become an increasingly important component of investors' portfolios," Stephan Caron, head of private debt for Europe, the Middle East, and Asia at BlackRock, said.

Within private credit, venture debt is a growing area. Falling valuations for startups means they've had to turn to debt providers. The collapse of Silicon Valley Bank, a former top lender to startups has been a boon toKreos, which launched in 1998, has lent more than €5.2 billion to European and Israeli startups, including taxi-hailing app Gett and British fintech Monese. Before this deal, BlackRock managed venture debt through some US-based strategies.

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