Redemption pressure surged, BlackRock's $26 billion private credit fund definitively started the redemption gate.

After a surge in client redemption requests, BlackRock has restricted the fund redemption of one of its large private credit funds, the latest sign of investor concerns in the $1.8 trillion private credit industry. The company's $26 billion HPS Loan Fund stated in a declaration on Friday that shareholders requested to redeem 9.3% of their holdings, but management decided to set the repurchase limit at 5%. Based on calculations, the total value of the shares to be repurchased is around $1.2 billion, but investors will only receive approximately $620 million in actual funds.