Blackstone Secured Lending Launches $600M ATM Offering

Deal News | Jul 21, 2025 | Ropes & Gray

Blackstone Secured Lending Launches $600M ATM Offering

Ropes & Gray, a prominent law firm, advised the sales agents involved in Blackstone Secured Lending Fund's substantial $600 million at-the-market (ATM) common share offering. This strategic initiative, which commenced on July 11, represents a significant development for the business development company. Blackstone Secured Lending Fund focuses on investing in the debt of private U.S. companies and reported a fair value of investments of approximately $12.8 billion as of March 31. The advisory team was spearheaded by Paul Tropp, a capital markets partner at Ropes & Gray.

Sectors

  • Private Equity
  • Legal Services
  • Capital Markets

Geography

  • United States – Blackstone Secured Lending Fund invests in U.S.-based private companies, making U.S. the relevant geography.

Industry

  • Private Equity – Blackstone Secured Lending Fund operates within this sector, focusing on investing in private debt instruments.
  • Legal Services – Ropes & Gray provided legal advice, demonstrating the intersection of law and finance in this transaction.
  • Capital Markets – The nature of the ATM offering positions this deal firmly within the capital markets sector.

Financials

  • $600 million – The value of the at-the-market common share offering by Blackstone Secured Lending Fund.
  • $12.8 billion – The fair value of Blackstone Secured Lending Fund's investments as of March 31.

Participants

NameRoleTypeDescription
Blackstone Secured Lending FundTarget companyCompanyA business development company that invests in the debt of private U.S. corporations.
Ropes & GrayLegal AdvisorCompanyProvided legal advisory services for the ATM offering.
Paul TroppCapital Markets PartnerPersonLed the advisory team at Ropes & Gray handling the ATM offering.