The reorganization will see investors in one private debt vehicle rolled into the other through a tax-free share exchange.
Repurchase requests in the $4.3 billion private debt fund have now fallen for two consecutive quarters, more than halving from 8.5% in Q1 to 3.8% in Q3.
The non-traded BDC completed another private placement offering, with proceeds earmarked to repay existing debt, including its 3.125% notes due later this month.
The $25 billion HPS Corporate Lending Fund has once again limited withdrawals after repurchase requests hit ~11.5% of outstanding shares.
Managing Director Jason Mehring will replace Tseng as Director, Board Chair, and CEO across three BlackRock BDCs.
Shareholders submitted an estimated $4.3 billion of Q3 repurchase requests, representing around 10% of shares outstanding, as of June.
The firm also provided updates on its private equity evergreen fund and non-traded BDC, as well as plans to launch new products targeting the wealth segment.
In connection with the deal, the surviving BDC amended a JPMorgan financing facility, cutting Tranche A commitments from $800 million to $500 million and converting Tranche B into a revolver.
GCRED will accept all of the 4.8% in withdrawal requests received at its June 30 NAV, down from 8.5% in the prior quarter.
The non-traded BDC accepted all valid tenders, representing about 3.6% of outstanding shares as of June, with payment to be made through State Street-held promissory notes.
