New York, May 25, 2026, 11:14 EDT
Blackstone Private Credit Fund is offering to buy back as many as 93.1 million shares, about 5% of its total shares. Investors get a limited cash exit from the non-traded private credit fund. The buyback offer ends at 11:59 p.m. Eastern on May 29, unless the deadline is pushed out.
BCRED’s timing is in focus as it faces weaker investor demand. Gross inflows at the $80 billion fund dropped to $1.9 billion in the first quarter, Reuters reported last month, while repurchase requests increased to $3.2 billion. Drivers included geopolitical uncertainty, private credit scrutiny, and investor worries about artificial intelligence hitting non-traded business development companies.
The tender is the main way out for most holders. BCRED, a business development company, is a regulated closed-end lender. Its shares don’t trade on a listed exchange, so periodic repurchase offers are the main way investors get liquidity.
Blackstone shares on the NYSE were idle Monday as U.S. markets shut down for Memorial Day. The stock last changed hands Friday at $118.51, market data show.
The fund will buy at its net asset value, defined as assets less liabilities, as of June 30 unless the offer gets extended. Cash on hand, borrowings or money from portfolio sales could be used to pay for tenders the fund accepts, the offer says.
BCRED reported total investments of $79.0 billion and a net asset value per share of $24.06 for May, according to its monthly materials. The firm says 97% of its portfolio is in senior secured debt, with lenders in top repayment position, and 95% is floating-rate debt, so income rises or falls with benchmark rates.
Blackstone President Jon Gray pushed back on negative views of the private credit sector. In a market commentary on April 29, he wrote that the “leap to some sort of broad systemic problem” in private credit “just doesn’t make much sense.” He did note lower base rates, tighter spreads and maturing portfolios have weighed on returns. Blackstone
Legal & General Group kept its Blackstone holding steady, according to its May 8 13F for the March quarter. The firm listed 4.89 million Blackstone shares valued near $562.3 million, up from 4.63 million shares worth $713.4 million at Dec. 31.
Real estate is still a drag. On May 22, Investing.com sized up Blackstone’s stock against pressures in the property market. Blackstone’s Q1 numbers showed net real estate management fees fell 3% year over year. Opportunistic real estate funds slipped 0.9% in the quarter, while Core+ funds gained 0.8%.
But not every seller might get filled in the tender. If holders offer more than 93.1 million shares, BCRED will buy on a pro rata basis. The fund also cautions that net asset value could move a lot by the valuation date. Repurchases that cut assets may also push up costs or volatility for those who stick around.
Private investment firms are facing more pressure. Apollo Global Management plans to roll out daily pricing for its private-credit funds by late September as investors push for more clarity. KKR, which reported $758 billion in assets, cautioned that volatility might impact its outlook.
Blackstone’s scale is still working for it. Assets under management hit $1.304 trillion at March 31, up 12% from a year ago. Its credit and insurance segment held $457.5 billion after taking in $37.0 billion in new inflows over the first quarter. The May tender is set to show just how much of that scale will have to cover cash-out requests from wealth clients now.
