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Bond Market News
BlackRock Limits Withdrawals From PE Fund
March 9, 2026
BlackRock limited withdrawals from its $26bn HPS Corporate Lending Fund (HLEND) after a surge in redemption requests. The fund received $1.2bn in withdrawal requests in the first quarter, equivalent to about 9.3% of its NAV, exceeding the typical 5% quarterly redemption limit. As a result, BlackRock will distribute $620mn to investors, while restricting additional withdrawals under the fund’s gating provisions. Investor sentiment toward private credit has weakened amid rising market volatility. Similar pressures have emerged across the industry. Blackstone raised the redemption cap on one of its funds and Blue Owl bought back shares to manage withdrawals. HLEND, a business development company acquired by BlackRock through its purchase of HPS Investment Partners in 2024, primarily lends to mid-sized private companies. Its portfolio includes significant exposure to the software sector, which has faced selling pressure due to fears of disruption from AI-driven startups and broader economic uncertainty.
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