Blackstone capped quarterly redemptions from its flagship private credit fund BCRED at 5% after withdrawal requests reached approximately 10% of outstanding shares, equivalent to roughly $4.4 to $4.5 billion. This is the first time the asset manager has enforced this redemption gate since the fund launched in 2021. BCRED now manages $79 billion in assets, down from $82 billion the previous quarter, reflecting a 3% decline in net asset value. This move comes as Apollo, BlackRock, and Ares have also imposed similar redemption restrictions on their semi-liquid private credit vehicles in 2026. The fund nonetheless reported $15 billion in liquidity resources and an annualized return of 9.3% since inception.
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