Blackstone caps BCRED fund withdrawals as redemption requests hit 10%
Blackstone's $79 billion BCRED private credit fund capped investor withdrawals after redemption requests surged from 7.9% to 10% in the second quarter. This follows a record $3.8 billion in withdrawal requests in Q1, which Blackstone had fully covered by raising its quarterly cap and using employee capital. While the fund attracted $1 billion in inflows during Q1, it still experienced net capital outflows after covering redemptions. The situation raises renewed concerns about liquidity in private asset markets.
Key quotes
Blackstone fulfilled 100% of those requests by raising its quarterly cap and using employee capital to cover the remaining amount.
The cap comes after BCRED saw client redemption requests jump to a then-record of 7.9%, or about $3.8 billion, in the first quarter.
The fund drew inflows of about $1 billion during the first quarter, but ultimately recorded a net capital outflow after covering withdrawals.
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