Jonathan Bock has stepped down as Co-CEO of Blackstone Private Credit Fund, less than a month after its COO resigned.
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.
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.
The non-traded BDC faced elevated redemption requests for a second consecutive quarter, prompting it to cap repurchases at 5% of shares outstanding.
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.
The Kirkland & Ellis and Proskauer alum brings regulatory experience that looks to strengthen the firm's permanent capital and private credit practice.
