Blackstone Private Credit Fund Caps
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Blackstone caps withdrawals from flagship private credit fund
Redemption requests surged to $4.5bn in the second quarter amid mounting fears in sector
KKR, Ares, Blackstone tumble premarket as Partners Group caps private equity fund withdrawals
Shares in KKR, Blackstone and other sector peers tumbled in premarket trading on Wednesday as fears over private market valuations returned to the spotlight after Switzerland's Partners Group moved to restrict investor withdrawals from one of its funds. Shares in KKR were sharply lower ahead of the opening bell, and were last seen 4.7% lower. Blackstone was down 3.9%, while Ares Management dropped almost 2.5%.
Blackstone restricts flagship fund withdrawals as private asset fears reemerge
Blackstone is restricting withdrawals from its flagship Blackstone Private Credit (BCRED) fund following a spike in investor redemption requests. The asset management giant capped investor withdrawals from the $79 billion non-traded business development company at 5% of shares, after redemption requests hit 10%, or about $4.5 billion, during the second quarter. Shares in Blackstone were up 1.6% in premarket trade Thursday.
Partners Group warns it could cap more fund withdrawals after triggering private equity rout
Partners Group is prepared to restrict investor withdrawals across more of its funds, the Swiss private markets giant said Thursday, after capping redemptions in one of its European vehicles following a surge in exit requests. The Zurich-listed fund manager warned that the spike in client withdrawals that upended private credit markets this year now appears to be spilling over into the private equity space. On Wednesday, Partners Group said it was halting withdrawals from its Global Value...
CNBC Daily Open: Chips are down — but not for the Dow
Hello, this is Anniek Bao writing to you from Singapore. Welcome to another edition of CNBC's Daily Open. Wall Street had a strong session overnight — if you squint past the Nasdaq.