NEW YORK — The president of the world’s largest alternative asset manager says investor requests to pull money from its flagship private credit fund have dropped noticeably at the start of the third quarter, following a period of higher-than-usual redemption demand.
Speaking to analysts on a conference call Thursday, Jon Gray offered an encouraging update on the Blackstone Private Credit Fund, commonly known as BCRED, which holds approximately $80 billion in assets.
“It’s early in the quarter but the redemptions in BCRED are down materially, which is positive,” Gray said.
During the second quarter, investors submitted requests to withdraw 10% of shares — up from 7.9% in the prior quarter. In response, Blackstone agreed to buy back 5% of shares, which is the standard threshold for this type of investment vehicle.
The slowdown in withdrawal requests marks a shift in momentum for the fund, which had been facing growing pressure from investors seeking to exit their positions.
