Blackstone announced on September 3, 2026, that it will limit withdrawals from its flagship private credit fund, BCRED.
Investors submitted redemption requests totaling approximately $4.3 billion. These requests represent about 10% of the fund's outstanding shares. Blackstone is enforcing its standard 5% quarterly repurchase cap in response.
This is the second consecutive quarter that redemption requests have reached this level. The fund uses withdrawal limits to prevent forced asset sales and protect investor value.
Blackstone reports that the fund remains well-capitalized. Loan repayments and new inflows currently outpace the value of shares being repurchased.