New York fixed-income giant BlackRock is seeking to raise $500 million for a new credit vehicle.
The Galaxite Fund is something of a multi-strategy product, as it will aggregate three subsectors: investment grade debt, high-yield and capital structure arbitrage. The firm will shift allocations to the different asset classes based on its market view and the opportunities that its managers identify.
BlackRock last made the news when Rajiv Sobti, co-head of fixed-income, left in April to join Vega. The firm runs $310 billion of assets, most of it in long-only products.
Lone Pine entering long-only world
Following in the