BlackRock private credit fund redemption requests fall in third quarter
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People are seen in front of a showroom that hosts BlackRock in Davos, Switzerland Januar 22, 2020. REUTERS/Arnd Wiegmann
Sept 11 (Reuters) - Withdrawal requests at asset manager BlackRock's flagship private credit fund slowed in the third quarter, according to a regulatory filing on Friday, signaling that redemption pressures across the industry are beginning to ease.
Investors in BlackRock's HPS Corporate Lending Fund sought to pull roughly 11.5% of shares, compared with 13.3% in the prior quarter. It will repurchase 5% of shares or roughly $600 million, the customary threshold for such vehicles.
The latest data adds to signs that private credit may be emerging from a period of heightened redemption pressure from retail investors as asset managers work through their backlog of unfulfilled withdrawal requests.
Blackstone kicked off the third quarter redemption season for major U.S. non-traded private credit funds last week. Data from other vehicles is expected throughout September.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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