Business
BlackRock Stock Sinks After It Caps Withdrawals From Private Credit Fund
BlackRock shares tumbled after the asset manager limited withdrawals from one of its flagship private credit funds for the first time.
The HPS Corporate Lending Fund, a non-traded business development company marketed to individuals, said it will not repurchase shares beyond the promised 5% liquidity threshold it offers each quarter, after receiving investor requests to redeem more than 5% of total shares for the first time.
The fund, known by ticker HLEND, received requests to redeem 9.3% of shares in the most recent quarter, according to a letter sent to investors on Friday.