Raoul Stein (LinkedIn)
Kreos Capital, a private debt management firm co-founded by Raoul Stein which does a great deal of business in Israel working with more than 100 companies there including many Israeli startups, has been sold to BlackRock. The details of the deal were not disclosed, but Calcalist said that it has learned that it is for $400 million.
BlackRock said the acquisition of Kreos adds to the firm’s position as a “leading global credit asset manager and advances its ambitions to provide clients with a diverse range of private market investment products and solutions”. Kreos, it said, complements BlackRock’s Global Credit business with a “seasoned investment team and successful long-term track record, while the adjacent asset class unlocks additional private debt capabilities for BlackRock’s clients to access a larger proportion of the risk/return spectrum.”
James Keenan, CIO and Global Head of BlackRock Private Credit, said, “Over the past 20 years, BlackRock has built leading private debt capabilities to help clients achieve a variety of investment goals by aligning proven investment excellence with long term market opportunities. The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock.”
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Raoul Stein and Ross Ahlgren, Co-founders, and General Partners at Kreos Capital, said, “We are excited to see BlackRock’s continued commitment to private debt in general, and growth lending specifically. The combination of BlackRock and Kreos will provide a wide range of credit solutions to the growth ecosystem. The acquisition of Kreos by BlackRock is a testimony to the strength and importance of the innovation and technology sectors to the world’s leading asset manager.”
Kreos Capital is headquartered in London and its 45-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over a 24-year track record. Kreos’ investment team will integrate into BlackRock’s European Private Debt platform and current Kreos leadership will continue to be responsible for executing on the firm’s proven investment strategies.
