ITE Management Announces Strategic Investment by Blackstone and Launch of Financing Partnership
ITE Management, L.P. ("ITE"), a leading alternative asset manager focused on transportation infrastructure, announced today a strategic minority investment from funds managed by Blackstone Credit & Insurance ("BXCI"). The investment and strategic partnership enable ITE and BXCI to collaborate and enhance ITE's leadership position amidst a growing opportunity set within the transportation infrastructure sector.
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BXCI and ITE also launched a strategic forward flow partnership, with BXCI targeting to provide ITE with up to $2 billion of capital for investments and financing over the initial phase of partnership. ITE, with over $10 billion in assets and over 70 investment and operating professionals, focuses on asset-backed investments, primarily in the transportation infrastructure sector, most notably: rail, intermodal, specialty aviation, port and infrastructure equipment, and electric vehicles.
"This investment and partnership with Blackstone is recognition of ITE's leading position in transportation infrastructure finance and the growing opportunity set within the sector," said Jason Koenig, Co-Founder of ITE. "Our firm will benefit from Blackstone's debt and equity financing as well as its expansive global network."
"ITE is a respected leader in the transportation infrastructure space, where they own, operate, and finance critical assets that support key segments of the U.S. economy," said Robert Horn, Global Head of Infrastructure & Asset Based Credit at BXCI. "We are excited to partner with ITE on large scale transportation infrastructure investment opportunities across the capital structure and return spectrum."
BXCI's Infrastructure and Asset Based Credit platform manages over $90 billion and has over 70 investment professionals, among the largest in the asset-backed marketplace. The platform is focused on providing investment grade credit, non-investment grade credit, and structured investments across the real economy in sectors such as digital infrastructure, energy transition infrastructure, consumer finance, commercial finance, and residential real estate.
Transaction proceeds will be directed towards growing existing ITE products and funding growth initiatives, including new products and platforms. ITE will continue to operate independently under the ongoing leadership of Co-Founders Jason Koenig and David Smilow.
Advisors
Goldman Sachs & Co. LLC is acting as the exclusive financial advisor to ITE and Weil, Gotshal & Manges is acting as legal advisor to ITE. Guggenheim Securities, LLC is acting as financial advisor and Kirland & Ellis is acting as legal advisor to Blackstone.
Blackstone Credit & Insurance
Blackstone Credit & Insurance ("BXCI") is one of the world's leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
About ITE Management L.P.
ITE Management L.P. ("ITE") is a privately held, SEC-registered, alternative investment firm focused on transportation infrastructure. We seek to generate stable risk-adjusted returns for investors through a highly diversified portfolio of critical, income-generating transportation assets. ITE's investment process is built on its deep operational expertise within the industry, access to extensive data, and focus on portfolio construction. Founded in 2012, ITE is headquartered in New York and manages over $10B in asset value.
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Blackstone
Thomas Clements
[email protected]
(646) 482-6088
ITE Management
Matt Liszt
[email protected]
(212) 220-5802, extension #4