Some BDCs find early success in race to bring down redemption requests
EXCLUSIVE: Most perpetual nontraded BDCs, however, are expected to see elevated redemption activity throughout 2026 and possibly into 2027

Listed BDC BlackRock TCP will continue to realize losses even after portfolio sale – Fitch Ratings
The ratings agency is holding its negative rating outlook as the USD 523m portfolio sale to deleverage the listed BDC is unlikely to be enough to fight pressure on net investment income and dividend coverage

BC Partners' Rovner joins Runway Growth Capital as co-CEO
Michael Rovner, former managing director at BC Partners, has been named co-CEO and co-CIO at Runway Growth Capital

Goldman’s Americas direct lending head David Miller to retire
Miller, who has spent 22 years at the firm, will transition to become an advisory director and chairman of Americas direct lending at the end of 2026, according to an internal memo seen by Creditflux

BlackRock’s listed BDC sells USD 523m private credit portfolio to Pantheon
The sale of assets will significantly cut the listed BDC’s exposure to the software sector

Former FS KKR BDC co-president joins NAV, fund finance lender Velocity
Brian Gerson had stepped down from his position as co-president of the listed BDC, FS KKR Capital Corp., in June 2025

Blackstone’s BCRED co-CEO resigns
Jonathan Bock, co-CEO of Blackstone’s flagship private credit fund BCRED, has resigned from his role, leaving Brad Marshall to manage the fund alone

Private credit drives nearly half of Blackstone inflows in Q2
The alternative asset management giant said institutional investors are continuing to commit capital but also that redemption requests for its semi-liquid direct lending fund BCRED appear to be slowing

BlackRock private market inflows led by private credit as spreads widen
Institutional investors want to put more private credit money to work in this environment, the global asset management giant said on its earnings call

Most BDCs can survive liquidity stress test – Moody’s
Moody’s Ratings has conducted a stress test on the BDC sector which concluded that liquidity remains sound

Exit requests decline for Blue Owl’s semi-liquid tech lending fund
The fund, which saw some the highest exit request levels last quarter, reported a modest decrease and management says investor sentiment has improved.

Phoenix and Texas Capital partner on direct lending perpetual nontraded BDC
The new Spurstone Credit fund is anchored by institutional investors and will launch in the third quarter

Non-US investors, family offices drove redemption requests at Ares private credit fund
The firm’s perpetual nontraded BDC once again offered to repurchase 5% of shares outstanding in the second quarter to facilitate exits but was met with excess demand

Exit requests tick up at Morgan Stanley’s semi-liquid private debt fund
Share redemption requests at perpetual nontraded BDCs continue into the second quarter, with Morgan Stanley Investment Management being the latest to report a quarter-over-quarter increase in requests

Exit requests for Apollo’s semi-liquid direct lending fund increase to 16.8%
Share redemption requests at perpetual nontraded BDCs are continuing, as Apollo follows Blackstone and BlackRock HPS in reporting a quarter-over-quarter increase in the amount of investors seeking an exit

Semi-liquid private credit funds lose USD 1bn in net assets – Morningstar
Capital inflows into semi-liquid private credit funds, such as perpetual nontraded BDCs, are losing momentum while private equity products see a rise in demand

BlackRock HPS reports exit requests over 13% for semi-liquid direct lending fund
HLEND, the private credit fund designed for individual investors, will repurchase 5% of shares outstanding to create around USD 620m of liquidity for investors

Private credit is undergoing “healthy correction”—Third Point
Retail capital is flowing out, and the industry may see business development companies buy each other or liquidate, panelists said during the iConnections Global Alts conference last week

BDC portfolio stress may be overstated – Moody’s
BDC portfolios may be exhibiting less stress than recent headlines might suggest, as a Moody’s analysis finds that many discounted positions do not represent significant valuation deterioration

Blackstone caps redemptions on BCRED as exit requests increase to 10%
Rather than pulling levers to fulfill all exit requests as it did last quarter, the semi-liquid BDC will cap exits at the original term of 5% of shares outstanding

Ares’ semi-liquid BDC boosts borrowing capacity
Ares Strategic Income Fund, a semi-liquid private credit fund designed for individual investors, increased the amount of liquidity available on hand after an uptick in investor exit requests

Golub shakes up leadership with co-CEOs, co-Presidents appointments
The alternative credit manager will have three co-presidents after promoting Spyro Alexopoulos and hiring two new executives

New SEC enforcement director puts private credit funds under the microscope
The US regulator is monitoring stresses in some portfolios as well as risks related to liquidity, valuations, conflicts of interest, and fees, the new enforcement chief said in a speech

KKR to support FS KKR BDC with USD 300m via investment, tender offers
The listed business development company will focus on reducing leverage, repurchasing stock, and managing existing investments instead of deployment

BlackRock TCP crystallises losses from restructurings, lowers nonaccruals
The listed business development company has been using sales, paydowns, and partial exits to strengthen the balance sheet, CEO Philip Tseng said on the earnings call