The combination will widen access to a private credit market in Europe that has traditionally been confined to institutional investors with high investment minimums and a requirement to lock up capital for long periods.

The move by Blackstone Private Wealth Solutions into what it sees as under-exploited European markets follows agreements with BNP Paribas earlier this year, and ING last year. (In those cases, Blackstone brought its European private credit investment platform to qualified private investors in France and the Netherlands, respectively.)

S-Bank's (aka S-Pankki) private credit fund, invests in loans in unlisted companies, mainly in Europe. The S-Pankki European fund (S-Pankki ECRED) is a feeder fund whose target fund is Blackstone European Private Credit Fund SICAV. 

The target fund Blackstone European Private Credit Fund SICAV was launched in October 2022; it had €581 million ($634 million) in January. The investments are secured senior loans.

(The fund is not intended for investors in the US.)