Blackstone’s flagship $48bn private credit fund suffered its first monthly loss in more than three years in February, as loan markdowns and market declines weighed on returns.
The Blackstone private credit fund, known as Bcred, reported a total return of -0.4 per cent in February, its first decline since September 2022, when a broad sell-off rocked global financial markets.
The fund, the industry’s largest, wrote down the value of a “select” number of loans during the month, including the debt it extended to customer service software company Medallia, according to a letter to financial advisers reviewed by the FT.
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