Blackstone Staff Opened Wallets With BCRED Under Pressure (1)

Executives at Blackstone Inc. had a decision to make.

Like its rivals in the $1.8 trillion market for private credit, redemptions were piling up for its flagship private credit fund. To help weather the withdrawals, the firm turned to old-fashioned door knocking — internally.

The end result: More than 25 senior leaders from across Blackstone — many from its credit business — pitched in some $150 million to the Blackstone Private Credit Fund, according to people familiar with the matter. Combined with $250 million of the firm’s own capital, that helped cover a record redemption request of roughly $3.8 ...