BlackRock Shakes Up Private Credit to Chase Industry Leaders

BlackRock Inc. is overhauling its private credit business as the world’s largest asset manager races to catch up to competitors in the booming market.

The firm is setting up a new division, Global Direct Lending, appointing Stephan Caron, head of the European middle-market private debt business, to lead it. Jim Keenan , the global head of BlackRock’s private debt business and a two-decade company veteran, will leave the firm next year, as will Raj Vig , co-head of US private capital.