Blackstone Caps Withdrawals From Flagship Private-Credit Fund

Blackstone’s BCRED is among the latest private-market funds to cap second-quarter withdrawals after a wave of large redemption requests hit the sector.

Signage for Blackstone is seen outside the 345 Park Avenue building in Midtown Manhattan in New York on July 29, 2025. Timothy A Clary/AFP via Getty Images

Blackstone is restricting withdrawals from its flagship private-credit fund as a growing number of private-market managers brace for a surge in redemption requests.

The Manhattan-based private capital giant said on Thursday that it would limit investor withdrawals from the $79 billion Blackstone Private Credit Fund, known as BCRED, to 5 percent of outstanding shares after redemption requests reached 10 percent during the second quarter.