A leading BlackRock private equity fund has lost more than $600mn on an investment in an insurance outsourcing company after the business struggled with its debt load. A group of private credit funds led by Antares Capital, Blue Owl Capital, KKR and Goldman Sachs Asset Management have agreed to take control of the business, Alacrity. BlackRock bought a controlling stake in the business in February 2023 through its $4.
Last year a group of private credit lenders led by Blue Owl and Ares Management suffered losses on loans they made to troubled software company Pluralsight. The restructuring also wiped out $4bn that Vista Equity Partners and other investors had put into the business. The Alacrity takeover comes at a time when BlackRock has been working hard to build up its stable of alternative investments.
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