The non-traded BDC faced elevated redemption requests for a second consecutive quarter, prompting it to cap repurchases at 5% of shares outstanding.
The former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
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.
Jonathan Bock has stepped down as Co-CEO of Blackstone Private Credit Fund, less than a month after its COO resigned.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
Blackstone's private debt BDC had an aggregate NAV of approximately $45.3 billion as of May 31.
Blackstone Private Credit Fund has opted to cap withdrawals at 5% this time, satisfying only half of the requests.
The $80 billion BCRED recently raised its Q1 repurchase offer to 7.9% of outstanding shares, after being met with elevated redemption requests.
The firm increased the tender cap on Blackstone Private Credit Fund to redeem 7.9% of outstanding shares, in response to record redemption requests.
