Managing Director Jason Mehring will replace Tseng as Director, Board Chair, and CEO across three BlackRock BDCs.
The firm is developing products for retirement and mass affluent investors as wealth AUM soars 41% YoY to $82 billion.
The firm reported a 14% QoQ increase in private wealth inflows, supported by growth across its evergreen funds and easing redemption pressure in its credit and real estate vehicles.
CFO Kirill Bouek's resignation follows the departure of the non-traded BDC's President, Raymond Barrios, in August.
Patrick Wolfe has resigned as COO of BlackRock Private Credit Fund, BlackRock Direct Lending Corp., and BlackRock TCP Capital Corp., weeks after CEO Philip Tseng left the same three funds.
The former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
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.
The $2.6 billion BDEBT, which had around $1.4 billion in liquidity in April, will repurchase approximately $83 million of shares.
The firm recently restricted redemptions in its $26 billion non-traded BDC, HPS Corporate Lending Fund (HLEND).
