Blackstone's $82B Fund Hit by Record Exits | Blue Owl Below IPO Price

Blackstone's $82B Fund Hit by Record Exits | Blue Owl Below IPO Price | Apollo Warns of Shakeout

Private credit's retail expansion is facing its first serious stress test. Blackstone's $82 billion flagship fund recorded $1.7 billion in net outflows in Q1 2026, its first quarterly loss since inception. Redemption requests reached 7.9% of assets, forcing Blackstone and its employees to inject $400 million to meet withdrawals. Blue Owl shares have fallen below their 2021 SPAC listing price, down 50% over twelve months, after permanently halting redemptions at a retail fund. Apollo CEO Marc Rowan has publicly warned of a coming "shakeout" in private markets. Listed BDCs managed by KKR, Apollo, and BlackRock have cut dividends amid rising troubled loans and asset writedowns. The selloff has swept across the sector, with Blackstone down 9%, Apollo 6%, and KKR 4% in a single session.

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