Blackstone has set a goal to grow its total credit assets to $1 trillion in the next decade. To do so, the firm has made sweeping changes atop the unit. Gilles Dellaert, the new head of credit and insurance at the fund, says Blackstone can coexist with banks returning to lending markets, while the industry faces diverging fortunes as rates stay higher for longer. Dellaert spoke exclusively with Bloomberg's Dani Burger.

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