BCRED

BCRED invests primarily in US senior secured, privately originated loans to large companies. The portfolio is ~100% first-lien, with the fund maintaining $8 billion in available liquidity.

BCRED faced $1.7 billion in net withdrawals in Q4 2025 — its largest since inception — with gross withdrawals exceeding the 5% quarterly cap. Blackstone deployed employee and firm capital to avoid prorating redemptions.

BCRED charges a 1.25% management fee, which is competitive with peers like Apollo's ADS (1.25%) and Ares' ASIF (1.25%). The 12.5% performance fee with a 5% hurdle rate is standard for the non-traded BDC category.

Unlike traditional hedge funds that often charge 2/20, BCRED's fee structure is more accessible for retail investors while still providing meaningful upside participation for the manager.

BCRED offers quarterly liquidity with a 5% cap on net redemptions per quarter. This structure provides more flexibility than closed-end funds while protecting the portfolio from forced liquidations during market stress.

The fund has experienced elevated redemption requests since late 2024. Q4 2025 saw the largest net outflows in fund history at $1.7 billion, though Blackstone successfully honored all redemption requests without proration by deploying firm capital.

Current liquidity position remains strong with approximately $8 billion in available credit facilities and cash, providing substantial buffer against continued redemption pressure.