BlackRock private credit fund redemption requests fall in third quarter

Sept 11 — Withdrawal requests at asset manager ​BlackRock's flagship private credit fund slowed in the third quarter, ‌according to a regulatory filing on Friday, ⁠signaling that redemption ​pressures across ⁠the industry are beginning to ‌ease.

Investors in BlackRock's ‌HPS Corporate Lending Fund sought ⁠to pull ⁠roughly 11.5% of shares, compared with 13.3% in the prior quarter. It will repurchase 5% of shares or roughly $600 million, the ‌customary threshold for such ​vehicles.

The latest data adds to signs that private credit may be emerging from a period of heightened redemption pressure from retail investors as asset managers work ​through their backlog of unfulfilled ‌withdrawal requests.

Blackstone ‌kicked ⁠off the third quarter redemption season for major U.S. non-traded private credit funds last week. Data ‌from other vehicles ​is expected throughout ‌September.

(Reporting by Arasu ⁠Kannagi ​Basil in Bengaluru; Editing by Shilpi ​Majumdar)

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