Blackstone Secures $36B Anthropic AI Credit Deal and $13.1B Asia Fund Raise
BX•Blackstone and Apollo arranged $36 billion of structured notes to finance purchase and lease of AI TPUs to Anthropic, featuring $6 billion super-senior, $25 billion first-lien and $4.5 billion second-lien tranches backed by Broadcom support. Blackstone closed a $13.1 billion Asia PE fund, surpassing its $10 billion target by 30%.
1. Private Credit Deal for Anthropic
Blackstone and Apollo structured $36 billion of notes to fund the purchase and leasing of AI TPUs to Anthropic. The financing comprises $6 billion super-senior A1 notes priced at T+100, $25 billion first-lien A2 notes with a 5.50–5.75% yield and $4.5 billion second-lien B notes at an 8.5% coupon, with Broadcom providing residual value support to cover potential shortfalls.
2. Asia Fundraising Exceeds Target
Blackstone raised $13.1 billion for Blackstone Capital Partners Asia III, surpassing its $10 billion target by 30% and making it the largest Asia fund in the firm’s history. The new vehicle aims to deploy capital in high-growth markets such as India and Japan and follows $7 billion of investments across 12 deals in the past 24 months, including an Indian AI cloud platform and a Japanese engineering services provider.
