BlackRock Private Debt Fund Tumbles After Writing Down Loans

BlackRock Private Debt Fund Tumbles After Writing Down Loans

A BlackRock Inc. private debt fund plunged the most in almost six years after it disclosed writedowns across a series of troubled investments and waived some of its fee.

BlackRock marks down private debt fund by 19%, waives management fee

BlackRock has cut the net asset value of its listed private debt vehicle BlackRock TCP Capital Corp by around 19% after a series of underperforming loans weighed on results, highlighting continued pressure across the private credit market, according to a report by Bloomberg. The business development company said it expects NAV per share to fall to between $7.05 and $7.09 for the quarter ended 31 December, compared with $8.71 at the end of Septem…