BlackRock Caps Private Credit Withdrawals at 5%

BlackRock Caps Private Credit Withdrawals at 5% HPS fund fulfills only 54% of redemption requests as industry stress spreads. BlackRock has limited withdrawals from its $26 billion HPS Corporate Lending Fund, fulfilling only 54% of redemption requests in Q1 2026. The fund received $1.2 billion in withdrawal requests, representing 9.3% of net asset value, but paid out just $620 million by enforcing the 5% quarterly cap. The decision marks a contrast with Blackstone, which exceeded its limit to meet all requests. BlackRock shares fell 5.1% on the news, with KKR, Blue Owl, and Ares each declining more than 5%.

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