Overview
- BlackRock restricted redemptions from its $26 billion HPS Corporate Lending Fund after investors sought about $1.2 billion, paying roughly $620 million before hitting a 5% quarterly cap and gating the remainder.
- BlackRock disclosed a full write-down of a $25 million loan in its latest filing, and its shares fell around 6%–7% as investors reassessed risks in opaque, long-dated private loans.
- Blue Owl previously shifted its Capital Corporation II vehicle away from scheduled quarterly liquidity and sold roughly $1.4 billion of loans to fund periodic payouts to investors.
- Blackstone’s $82 billion BCRED faced record redemption requests of about $3.8 billion (7.9%) and the firm said it met 100% by upsizing a tender and tapping executive and employee funds.
- Shares of major alternative managers fell as analysts highlighted retail-driven liquidity strains, sector exposures in software and AI, and potential spillovers including stress in tokenized private-credit markets used in DeFi.