BlackRock Seeks Cash From Jefferies Fund Exposed to First Brands

BlackRock Inc. has requested to pull some money it invested in a Jefferies Financial Group Inc. fund with large exposure to the trade debt of bankrupt auto-parts supplier First Brands Group Inc., according to people familiar with the matter.

BlackRock and other investors including Texas Treasury Safekeeping Trust Co. have been in talks to partially redeem funds invested with Point Bonita Capital, said the people, who asked not to be named because they aren’t authorized to speak publicly. Point Bonita, a unit of Jefferies’ Leucadia Asset Management, has a $3 billion trade-finance portfolio.

Since 2019, Point Bonita’s portfolio has included ...