Blackstone Group's flagship private credit fund has for the first time capped
investor redemptions, telling shareholders it will meet only 5% of requests
after investors sought 10% of their holdings, according to a Thursday filing.
The fund is about $79 billion in size; in the prior quarter it allowed a record
7.9% of redemptions after senior managers deployed personal capital to support
financing. Apollo Global Management co-president Jim Zelter said investors are
accelerating withdrawals following earlier limits, and the non-traded BDC space
could see further turbulence.
