Blackstone limits withdrawals from flagship private credit fund
Blackstone BCRED withdrawal limits signal rising private credit liquidity stress See why redemption pressure is spreading across private markets and what it means
Blackstone said Thursday it is restricting withdrawals from its flagship private credit fund, BCRED, after investor redemption requests rose sharply in the second quarter.
The firm set a 5% cap on withdrawals from the $79 billion nontraded business development company after requests reached 10% of shares. The move follows a day of weakness across private markets after Partners Group said it was limiting redemptions in one of its European private equity funds.
The update adds to concerns about liquidity in private assets, where managers rely on redemption rules to balance investor demand with longerterm holdings. Blackstone’s shares were higher in latemorning trading Thursday after falling in the prior session, while Partners Group warned that withdrawal pressure may be spreading beyond private credit into private equity.