Blackstone makes first hire for Japan private credit origination

[HONG KONG] Blackstone made its first hire to focus on private credit origination in Japan, joining rivals including KKR to tap a fast-growing market for the global US$1.7 trillion industry.

The world’s largest alternative asset manager brought on Goldman Sachs’s Mao Ito as a principal for its credit and insurance business in Japan, according to sources familiar with the matter, who requested not to be named because the information is private.

The Japanese market has become a vital source of money for private credit funds, as investors from high-net-worth individuals to insurers allocate more into the asset class. Firms are also pursuing private loan origination in Japan, seeking to offer an alternative to bank financing.

Blackstone’s move to expand its Japan credit business comes as others pursue similar strategies. KKR recently hired Ken Murata as managing director for its credit business, with a focus on private credit. Ares Management Corp. opened a Tokyo office last year, while Blue Owl Capital established a base there in 2023.

Ito will start at the end of August, the sources said. He will report to Mark Glengarry, senior managing director and head of Asia-Pacific for private credit strategies at Blackstone’s credit and insurance division, the sources added.

Representatives for Blackstone and Goldman Sachs declined to comment. Ito did not comment.

Ito was most recently a vice-president at Goldman Sachs, focusing on structured finance, according to his LinkedIn profile. BLOOMBERG