Key Takeaways
- • Blackstone Credit & Insurance launches SablePointe Credit Strategies, a dedicated platform for originating and managing senior secured asset-based loans and first-out credit facilities backed by physical collateral including equipment, inventory, and hard assets.
- • James Garlick, co-founder of specialty finance firm Wingspire Capital (backed by Blue Owl Capital), joins as president of SablePointe, bringing expertise in structured credit and specialty lending.
- • The platform is headquartered in Alpharetta, Georgia, and will initially support Blackstone Credit & Insurance's existing asset-based and first-out direct lending strategies with plans to expand into additional specialty credit segments.
- • The move reflects sector-wide diversification among major private credit managers—including Apollo Global Management, KKR & Co, and PIMCO—away from traditional corporate direct lending toward asset-backed structures perceived as more conservatively underwritten due to tangible collateral backing.
- • Market demand for collateral-backed financing is rising among sponsors and lending partners seeking downside protection, according to Jack Ervasti, managing director of Blackstone Credit & Insurance's infrastructure and asset-based credit team.
Summary
Blackstone has established SablePointe Credit Strategies as a dedicated asset-based lending platform under its Credit & Insurance division, signaling the firm's commitment to expanding its footprint in specialty credit markets beyond traditional corporate direct lending. The new unit will originate, structure, and manage senior secured asset-based loans and first-out credit facilities secured by physical collateral such as equipment and inventory.
The platform's leadership has been entrusted to James Garlick, who transitions from his role as co-founder of Wingspire Capital, a specialty finance firm backed by Blue Owl Capital. Operating from Alpharetta, Georgia, SablePointe will initially service Blackstone Credit & Insurance's existing asset-based and first-out direct lending operations before branching into adjacent specialty credit segments.
This expansion reflects a broader strategic pivot within the alternative credit industry. Major firms including Apollo Global Management, KKR & Co, and PIMCO have been actively building exposure to asset-backed lending strategies, positioning these vehicles as more defensively structured compared to traditional leveraged lending. The appeal centers on tangible collateral backing—infrastructure, aircraft, and telecom assets—which institutional investors view as providing superior downside protection in stressed market conditions.
According to Jack Ervasti, managing director within Blackstone Credit & Insurance's infrastructure and asset-based credit team, demand from corporate sponsors and lending partners for collateral-backed financing solutions has accelerated, driven by investor appetite for risk mitigation. This timing underscores the sector's broader reassessment of underwriting standards in direct lending, with asset-based structures gaining traction as alternatives to unsecured or lightly secured corporate credit products.
The platform's leadership has been entrusted to James Garlick, who transitions from his role as co-founder of Wingspire Capital, a specialty finance firm backed by Blue Owl Capital. Operating from Alpharetta, Georgia, SablePointe will initially service Blackstone Credit & Insurance's existing asset-based and first-out direct lending operations before branching into adjacent specialty credit segments.
This expansion reflects a broader strategic pivot within the alternative credit industry. Major firms including Apollo Global Management, KKR & Co, and PIMCO have been actively building exposure to asset-backed lending strategies, positioning these vehicles as more defensively structured compared to traditional leveraged lending. The appeal centers on tangible collateral backing—infrastructure, aircraft, and telecom assets—which institutional investors view as providing superior downside protection in stressed market conditions.
According to Jack Ervasti, managing director within Blackstone Credit & Insurance's infrastructure and asset-based credit team, demand from corporate sponsors and lending partners for collateral-backed financing solutions has accelerated, driven by investor appetite for risk mitigation. This timing underscores the sector's broader reassessment of underwriting standards in direct lending, with asset-based structures gaining traction as alternatives to unsecured or lightly secured corporate credit products.
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