BlackRock Inc. curbed withdrawals from one of its biggest private credit funds after client requests for redemptions spiked, the latest sign of investor anxiety about the $1.8 trillion private credit industry.
The firm’s $26 billion HPS Corporate Lending Fund, one of the largest non-traded business development companies, said in a statement Friday that shareholders requested 9.3% of their shares, but management decided to cap the repurchases at 5%. While the total value of shares would have been about $1.2 billion, according to Bloomberg calculations, investors will get back about $620 million that the fund held at year-end.
Silla Brush & Olivia Fishlow | Yahoo Finance