Blackstone buys La Trobe stake

19-Dec-2017

By Sarah Kendell

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International asset manager Blackstone has taken a majority stake in peer-to-peer lending firm La Trobe Financial.

In a statement, La Trobe Financial said Blackstone had purchased an 80 per cent equity share in the company for an undisclosed sum in order to support its further expansion into the mortgage and small business lending sectors.

“Blackstone’s capital support and global networks will assist La Trobe Financial to continue to develop its leading position in these specialist credit market segments,” the firm said.

“La Trobe Financial will continue to focus on growing its offerings to its loan and wealth management customers through its award-winning $2 billion retail credit fund, its $4.6 billion mortgage loan portfolios, its institutional mandates and facilities and its $1.1 billion regular debt capital market issuances.”

La Trobe Financial chief executive and president Greg O’Neill said the opportunity to partner with Blackstone was the perfect fit for the firm’s staff, business and customers.

“The specialist credit space is experiencing a defining period of change and growth around the world right now and it is critical that we continue to build on our strong capital position, expand our networks and draw on global best practice,” O’Neill said.

“Blackstone is an outstanding counterparty for our business and we are delighted to partner with them.”

Blackstone managing director of tactical opportunities Malcom Jackson said the fund manager was pleased to partner with La Trobe Financial at a pivotal moment in its growth and development.

“The calibre of the La Trobe management team, combined with their high-quality loan origination and underwriting, both in the residential and commercial markets, and a strategy that is focused on realising growth opportunities at this important time in the cycle, means we look forward to a strong and productive partnership,” Jackson said.

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