Blackstone's Private Credit Fund Faces Investor Withdrawals and Co‑CEO Resignation

Retail investors increased redemption requests from Blackstone's flagship private credit vehicle, BCRED, to about 10% of outstanding shares in the second quarter, up from 7.9% in the first quarter and above the fund’s 5% quarterly limit. The heightened outflows contributed to a drop of more than 30% in Blackstone’s share price since its 52‑week high.

Despite the redemptions, Blackstone reported a strong second‑quarter performance, with distributable earnings rising 26% to nearly $2 billion and total inflows approaching $70 billion, lifting assets under management to $1.35 trillion. The firm also raised $1 billion of equity for BCRED and highlighted AI‑related investments that boosted its results.

In a related development, co‑CEO Jonathan Bock resigned from BCRED, with the resignation dated July 20 and disclosed after market close via a Form 8‑K filing. The filing noted that Bock’s departure was not tied to any disagreement with the firm. His exit follows the June 15 resignation of COO Katherine Rubenstein. Brad Marshall now serves as the sole CEO and chairman of the fund.