Last year, a retired doctor in France’s southern region of Provence received a brochure in the mail from his bank touting a new investment opportunity.
A New York asset manager called Blackstone was offering the 77-year-old the chance to invest €25,000 into its flagship private debt fund. The former doctor called his son to ask: had he ever heard of Blackstone, or private debt?
His son Mathieu Chabran, co-founder of alternative investment group Tikehau Capital, had indeed heard of the powerful pioneer of private markets. But he was floored to discover that a company with $1tn in assets, which has minted over half a dozen billionaires, was seeking new business from novice investors such as his father.