Blackstone's flagship private credit fund restricts investor redemptions for the first time, joining the ranks of funds imposing limits

Odaily Planet Daily News: Blackstone's (BX.N) flagship private credit fund has imposed restrictions on redemption requests for the first time after investors sought to redeem 10% of their shares, becoming the latest fund to tighten redemption caps amid a continued wave of investor withdrawals. According to documents filed on Thursday, the $79 billion Blackstone private credit fund has informed shareholders that it will only fulfill redemption requests for 5% of shares.

In the previous quarter, the fund allowed investors to redeem a record 7.9% of shares as executives used their own funds to help with financing. Jim Zelter, co-president of Apollo Global Management, said that after previous restrictions on redemptions, investors are stepping up efforts to withdraw funds, and therefore more "turbulence" may occur in the non-traded BDC (Business Development Company) space. (Jinshi)