Blackstone has launched a new asset‑based lending arm, Sable Pointe Credit Strategies, headed by James Garlick of Wingspire Capital. The platform will source, structure, and manage senior secured facilities for corporate borrowers, expanding Blackstone Credit & Insurance’s reach into inventory and equipment‑backed debt in the competitive U.S. market where banks traditionally dominate.

Asset‑based lending has surged as private‑credit managers chase collateral‑backed risk. Moody’s labeled the space a “new frontier” for the $1.8 trillion private‑credit market, while Maximize Market Research projects the segment to hit $1.3 trillion by 2030, up from $625 billion today. Investors view the shift as a way to balance yield with asset protection amid tightening credit standards.

Blackstone’s move follows peers like KKR, Apollo and KKR & Co., which have doubled their asset‑backed footprints, citing lower default risk compared to direct loans. Jack Ervasti said Blackstone Credit & Insurance now faces growing demand from sponsors seeking downside‑protected structures, a trend that could reshape capital allocation across the private‑credit ecosystem.

By anchoring a dedicated asset‑based platform, Blackstone signals confidence in collateral‑backed lending as a hedge against credit volatility. The firm’s expansion positions it to capture a larger share of the projected $1.3 trillion market, directly challenging traditional bank dominance. This shift could prompt banks to revisit their lending strategies and regulatory scrutiny of non‑bank credit providers.