BlackRock Private Credit Redemptions Fall, Still Exceed Cap

Withdrawal requests at BlackRock’s HPS Corporate Lending Fund declined to about 11.5% of shares outstanding in the third quarter, down from 13.3% in the second quarter, suggesting redemption pressure in private credit may be easing. The fund will repurchase 5% of shares, or roughly $600 million, leaving excess requests queued for future quarters under the vehicle’s redemption limits. Investors and managers will watch upcoming disclosures from other private credit funds to determine whether the improvement reflects a broader industry trend and whether it reduces pressure to hold cash or sell more liquid loans.