Blackstone, Cliffwater Cap Private Credit Withdrawals as Q2 Redemption Requests Hit 10% and 17%
Updated
Updated · Reuters · Jun 4
Blackstone, Cliffwater Cap Private Credit Withdrawals as Q2 Redemption Requests Hit 10% and 17%
3 articles · Updated · Reuters · Jun 4
Summary
Cliffwater said investors in its $31.3 billion Corporate Lending Fund sought to redeem 17% of shares in the second quarter, forcing the interval fund to hold payouts to its 5% repurchase limit.
Blackstone also capped withdrawals in its BCRED fund after investors requested redemptions equal to 10% of outstanding shares, double its 5% quarterly limit; inflows of about 2% of NAV left a net outflow near 3%.
Across eight large non-traded private credit vehicles reviewed by Reuters, first-quarter redemptions reached about $7.1 billion, the highest in the dataset, as June withdrawal windows reopened.
The renewed pressure reflects investor concerns about software exposure, asset valuations and limited transparency in private credit, alongside weaker fundraising that is testing demand from wealthy investors again.