Blackstone caps BCRED redemptions at 5% as withdrawal requests reach 10%

Blackstone has told investors in its Blackstone Private Credit Fund that it will meet only 5% of share repurchase requests this quarter.

This marks the first time the world’s largest private credit vehicle has rationed withdrawals since its 2021 launch.

The disclosure, set out in a letter to shareholders dated 4 June and filed with the Securities and Exchange Commission, places BCRED alongside the wider cohort of non-traded credit vehicles that have leaned on quarterly redemption limits over the past two quarters. Blackstone has described the fund as the largest of its kind, with an $82bn portfolio of total investments.