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Blackstone's credit fund reaches withdrawal limit

US Materials 7 December 2022 15:54 (UTC +04:00)
Blackstone's credit fund reaches withdrawal limit

Blackstone Inc said redemptions from its $50 billion non-traded business development company reached its pre-set limit for the first time but investors were still allowed to cash out on their investments, Trend reports with reference to Reuters.

This is the first time redemption requests had reached the pre-set limit of 5% since Blackstone launched the product in January last year. It also comes after Blackstone announced last Thursday that it would curb withdrawals from its $69 billion unlisted real estate income trust (REIT) following a surge in redemption requests.

Blackstone Private Credit Fund (BCRED) received withdrawal requests from its investors that were about 5% of the fund's outstanding shares in the fourth quarter that ended on Nov. 30, according to a regulatory filing.

Blackstone said all redemption requests made to BCRED will be honored and that the fund has $8 billion of immediate liquidity.

"BCRED is well positioned with 100% floating rate and 94% senior secured loans and zero payment defaults," a Blackstone spokesperson said in a statement.

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