BlackRock Caps Withdrawals from $26 Billion Private Credit Fund Amid Rising Redemptions

BlackRock has limited withdrawals from its $26 billion HPS Corporate Lending Fund, capping redemptions at 5% despite shareholder requests for 9.3%, citing liquidity management consistent with the fund's structure. This move reflects broader industry trends amid rising investor redemptions in private credit funds, driven by concerns over lending practices and market uncertainties. Similar restrictions and redemption limits have been observed at other major private credit managers, including Blackstone and Blue Owl Capital.