SvmuuNews Blackstone Group (BX.N)'s flagship private credit fund has, for the first time, imposed restrictions on redemption requests after investors sought to redeem 10% of their shares. It becomes the latest fund to tighten redemption caps amid a sustained wave of investor withdrawals. According to a filing on Thursday, the $79 billion Blackstone private credit fund has informed shareholders that it will only fulfill redemption requests for 5% of their shares.
Last quarter, the fund allowed investors to redeem a record 7.9% of their shares as executives used their own funds to help with financing. Jim Zelter, co-president of Apollo Global Management, stated that after previous redemptions were restricted, investors are intensifying their efforts to withdraw funds, which could lead to more "turmoil" in the non-traded BDC (Business Development Company) sector. (Golden Ten)