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

Odaily Planet Daily News BlackRock's (BX.N) flagship private credit fund has, for the first time, imposed restrictions on redemption requests after investors sought to redeem 10% of their shares, becoming the latest fund to tighten redemption caps amid a sustained wave of investor withdrawals. According to a filing on Thursday, the $79 billion BlackRock 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 after executives used their own funds to assist with financing. Jim Zelter, co-president of Apollo Global Management, stated that after previous redemption restrictions, investors are intensifying efforts to withdraw capital, which could lead to more "turmoil" in the non-traded BDC (Business Development Company) sector. (Jin Shi)