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Blackstone's flagship private credit fund is capping investor withdrawals at 5% of shares outstanding after redemption requests reached 10% in the second quarter — double its standard limit and up from roughly 8% in the first quarter.
The fund, known as BCRED, holds $79 billion in assets. The total value of shares investors sought to pull from the fund in the second quarter came to approximately $4.4 billion, according to The Wall Street Journal. At the 5% cap, the amount Blackstone will pay out comes to roughly $2.2 billion, the company said.
That stands in contrast to Blackstone's approach earlier this year, when the firm chose to honor the full $3.8 billion in first-quarter withdrawal requests — a figure equivalent to 7.9% of shares — by temporarily lifting its cap and drawing on employee capital to make up the difference, according to CNBC. Despite taking in about $1 billion in new capital during the quarter, the fund still posted a net outflow of around 3% of net asset value, a figure the company said was in line with the previous quarter.
According to a shareholder letter, demand for redemptions eased as the offer period progressed, with domestic withdrawal volumes coming in beneath what the fund saw in the first quarter. The fund's portfolio is marked at 96.1 as of April 30, 2026, the company said, adding that the bottom 5% of the private debt portfolio is marked at 68.3.
