Blackstone private credit fund caps withdrawals as redemption requests surge
Blackstone said the cap is a standard feature of non-traded funds as BCRED saw requests rise to 10% and net outflows hit about 3%.
- On Thursday, Blackstone capped withdrawals from its $79 billion Blackstone Private Credit Fund at 5% after investors sought to redeem about 10% of shares in the second quarter.
- Industry peers, including Partners Group and Barings, have similarly limited redemptions, though Blackstone framed the cap as an intentional structural feature rather than an emergency response.
- Evercore analysts described the 10% request level as "manageable," comparing it favorably to elevated pressures seen at the $31.3 billion Cliffwater fund earlier in the week.
- Net outflows of roughly 3% occurred during the period, yet the fund remains "well capitalized," with Blackstone citing loan repayments and inflows that exceeded share repurchases.
- Redemption pressure across private credit funds continues to challenge valuations and market stability, though Blackstone reported fundraising acceleration across other private-wealth products.
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28 Articles
Blackstone caps withdrawals at flagship private credit fund as redemption requests hit 10pc
Blackstone has capped withdrawals at its flagship private credit fund as redemption requests rose in the second quarter, according to a regulatory filing on Thursday, becoming the latest asset manager to do so.
Private credit withdrawals spike
It’s that time of year again — private credit withdrawal season. Investors in Blackstone’s flagship private credit fund sought to yank 10% of their money this quarter, showing that the jitters engulfing the industry may be deepening.At Cliffwater’s main lending fund, the figure was 17%. Requests at both funds were higher than in the previous quarter, and both are holding the line by capping redemptions at 5%. (Blackstone had dipped into its own …
Investors who put money into asset management giant Blackstone's largest private credit fund will not get it back for the time being. That...
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