Blackstone Caps Redemptions at 5% on $79B Private Credit Fund. Investors requested ~10% ($4.4B) withdrawals for Q2, double the fund’s usual quarterly limit. Blackstone is enforcing the 5% cap. In Q1, the firm had gone further by lifting the cap to 7% and injecting its own capital to fully pay out all requests. This quarter, it is reversing that flexible approach. Private credit’s explosive growth relied on “semi-liquid” promises that are now clashing with reality. Higher rates and selective investor caution are exposing the liquidity mismatch.
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