Blackstone capped redemptions from its BCRED fund on June 4 after withdrawal requests reached roughly 10% of outstanding shares. The $79 billion fund invoked its contractual 5% quarterly limit for the first time, leaving about half of requesting investors waiting for the next cycle. Despite holding over $15 billion in available liquidity, the fund enforced its cap as requests more than doubled the contractual threshold. This move highlights growing liquidity pressures across the $1.8 trillion private credit market, where redemption windows are increasingly becoming bottlenecks for investors seeking exits.
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