For months, private credit executives sensed the reckoning was coming.
High-profile blowups had rattled investors. Unease was mounting over heavy exposure to software companies vulnerable to AI. Retail clients they’d spent years courting began yanking money from the industry’s largest funds, straining limits designed to prevent fire sales of the loans they hold.
Then BlackRock Inc. drew a line.
The firm on Friday capped withdrawals from its $26 billion HPS Corporate Lending Fund at 5% after investors sought to cash in nearly double that amount — the first major instance of a private credit manager limiting redemptions on a perpetual ...
