Blackstone, Avenue Capital Raising $5B

Blackstone and Avenue Capital are planning to raise $5 billion to invest in the debt markets, Reuters reported, citing a story in the UK's Sunday Telegraph newspaper. Blackstone, through its GSO Capital Partners unit, plans to raise $3 billion to invest in private equity and other private transactions, replacing bank debt or as mezzanine funding, which is part-equity, party-debt, Reuters wrote. Avenue Capital is looking to raise up to $2 billion to invest in US company debt.

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