Blackstone’s Flagship Private Credit Fund Hit by Record Redemptions - Bloomberg

Blackstone is permitting investors to redeem a record 7.9% of shares from its flagship private credit fund, highlighting investor unease and liquidity stress in closed-end credit vehicles. Similar withdrawal limits at Apollo — which approved only about 45% of redemption requests from its $15 billion private credit fund — show these strains are industry-wide and may push managers to tighten redemption terms, sell assets, or accept larger losses. The episode fits a broader picture of rapid private-credit growth, looser underwriting and limited transparency that could transmit losses to banks and public markets.