Blackstone Private Credit Fund Boosts Buyback Offer to 7%, Injects $400M
Blackstone Private Credit Fund raised its quarterly share repurchase limit to 7% from 5% and injected $400 million via a feeder fund to meet elevated redemption requests. The fund reported $8 billion of available liquidity as of Dec. 31 plus $2 billion of new Q1 subscriptions.
1. Share Repurchase Limit Raised
Blackstone Private Credit Fund increased its quarterly tender offer cap to 7% of outstanding shares, up from 5%, which is the maximum allowed under current repurchase terms.
2. $400 Million New Investment
To ensure full redemption coverage, Blackstone and its employees contributed $400 million of new investments into BCRED via an existing feeder fund, equating to about 0.9% of shares.
3. Robust Liquidity Buffer
The fund held $8 billion of available liquidity as of December 31 and secured an additional $2 billion of new subscriptions in the first quarter to support ongoing redemption demands.
4. Industry Redemption Pressures
Redemption requests surged across non-traded BDCs last quarter, with some peers repurchasing over 15% of shares and exploring alternative distribution mechanisms to manage outflows.