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Blackstone Private Credit Fund (BCRED)
Key Statistics
Fund Size
$43,000M
Target Return
N/A
Annualized Return
9.9%
Launch Year
2021
Min. Investment
€2,500
Availability
Open through selected distributors
Structure
Non-Traded BDC
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% incentive fee on income over 5% annualized hurdle (100% catch-up to 5.72%), plus 12.5% of cumulative net realized capital gains
Hurdle Rate
5%
Catch-Up Mechanism
100% catch-up (to 1.43% quarterly / 5.72% annualized)
Ticker
BCRED
CUSIP
09261H305
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Quarterly share repurchases up to 5% of shares outstanding
Highlights
US Fund Metrics
NAV per Share
$23.64
Market Yield
9.10%
Distribution Frequency
Monthly
Redemption Notice
Quarterly tender deadline, roughly 30 days before the quarter-end repurchase pricing date
Tax Form
1099-DIV
Liquidity Terms
Shares are not listed. The board may, at its discretion, repurchase up to 5% of shares outstanding (by number or aggregate NAV) each quarter through tender offers at the quarter-end NAV per share; shares held less than one year are repurchased at 98% of NAV (Early Repurchase Deduction). The program can be amended or suspended at any time and repurchases are prorated when requests exceed the cap — as occurred in Q2 and Q3 2026, when requests of roughly 10% of shares outstanding were fulfilled at 5% pro rata (Q1 2026 requests of 7.9% were met in full, including with Blackstone-affiliated capital).
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class I — Performance from 2021-01-07 to 2026-07-31
NAV: $23.64
Performance Comparison
Year to Date
0.2%
1-Year Return
8.0%
3-Year Return
11.10%
Annualized Since Inception
9.87%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 0.2% |
| 2025 | 8.0% |
| 2024 | 11.0% |
| 2023 | 14.4% |
| 2022 | 3.6% |
| 2021 | 12.6% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.19 | $23.65 | — | — |
| 2025 | — | — | — | $24.79 |
| 2024 | — | — | — | $25.42 |
| 2023 | — | — | — | $25.39 |
| 2022 | — | — | — | $24.59 |
| 2021 | — | — | — | $25.93 |
Class S (0.85% shareholder servicing/distribution fee) — Performance from 2021-01-07 to 2026-07-31
NAV: $23.64
Performance Comparison
Year to Date
-0.2%
1-Year Return
7.1%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | -0.2% |
| 2025 | 7.1% |
| 2024 | 10.1% |
| 2023 | 13.4% |
| 2022 | 2.7% |
| 2021 | 11.6% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.19 | $23.65 | — | — |
| 2025 | — | — | — | $24.79 |
| 2024 | — | — | — | $25.42 |
| 2023 | — | — | — | $25.39 |
| 2022 | — | — | — | $24.59 |
| 2021 | — | — | — | $25.93 |
Class D (0.25% shareholder servicing/distribution fee) to 2026-07-31
NAV: $23.64
Performance Comparison
Year to Date
0.1%
1-Year Return
7.8%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2026 | 0.1% |
| 2025 | 7.8% |
| 2024 | 10.7% |
| 2023 | 14.1% |
| 2022 | 3.3% |
| 2021 | 7.4% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2026 | $24.19 | $23.65 | — | — |
| 2025 | — | — | — | $24.79 |
| 2024 | — | — | — | $25.42 |
| 2023 | — | — | — | $25.39 |
| 2022 | — | — | — | $24.59 |
| 2021 | — | — | — | $25.93 |
Information about fund
BCRED at a Glance
Blackstone Private Credit Fund (BCRED) is a perpetual-life, non-exchange traded business development company managed by Blackstone Credit & Insurance (BXCI). Formed in February 2020, it broke escrow on January 7, 2021 and is today the largest non-traded BDC of all time — the reference point for the perpetual non-traded BDC category.
Key Figures (mid-2026)
Net Asset Value
$43.0B
Aggregate, 31 July 2026
Portfolio
$77.2B
653 portfolio companies
First Lien
91.0%
99.8% of performing debt floating rate
Since-Inception Return
9.87%
Class I annualized, Jan 2021 – Dec 2025
Distribution Rate
~9.1%
Annualized on Class I NAV, July 2026
Fees
1.25% + 12.5%
Management + incentive over 5% hurdle
Terms & Eligibility
| Share Classes | Class S and D (min $2,500; 0.85%/0.25% servicing fees), Class I (min $1,000,000, no servicing fee) |
| Eligibility | Suitability-based: $70,000 income + $70,000 net worth, or $250,000 net worth (stricter in some states) |
| Subscriptions | Monthly at NAV |
| Repurchases | Discretionary quarterly program, capped at 5% of shares outstanding; 98% of NAV if held under one year |
| Tax Reporting | RIC; Form 1099-DIV |
| Availability | US only; the European counterpart is Blackstone European Private Credit Fund (ECRED) |
Repurchase requests first reached the 5% cap in late 2022, when the fund honoured all tenders in full. Pressure returned in 2026: first-quarter requests reached 7.9% of outstanding shares and were met in full, including through purchases funded by Blackstone and its senior leadership, while second- and third-quarter requests of roughly 10% were prorated at the 5% cap. Blackstone estimated that an investor who submitted repurchase requests in both quarters would receive approximately 75% of requested capital within roughly 90 days. Because repurchases are capped, can be prorated in stressed quarters and may be suspended, an investment in BCRED should be viewed as a long-term holding.
Deepdive & Related Funds
Blackstone ECRED
Blackstone European Private Credit Fund (ECRED) is Blackstone’s evergreen European direct-lending vehicle: a Luxembourg SICAV launched in October 2022 that originates floating-rate, first-lien senior secured and unitranche loans to upper-mid-market European companies. €2.5 billion across 243 investments as of February 2026, 8.7% annualized net return since inception (A-A EUR), monthly subscriptions and gated monthly redemptions from €25,000.
Blackstone Private Equity Strategies (BXPE)
Blackstone Private Equity Strategies (BXPE) functions as an evergreen private equity fund which lets qualified investors join Blackstone's worldwide buyout operations through a semi-liquid investment vehicle. The fund operates under Blackstone Inc. management which operates as the world's largest alternative asset manager to provide private equity access to institutional investors through BXPE.
Other Blackstone Funds
Blackstone Real Estate Income Trust (BREIT)
Blackstone Real Estate Income Trust (BREIT) is the largest non-traded REIT: a perpetual-life vehicle with a $57.4 billion NAV and approximately $104 billion of total asset value in income-producing US real estate. Roughly 90% of the portfolio sits in rental housing, industrial and data centers, with about 65% of properties in Sunbelt markets. NAV is struck monthly, subscriptions and distributions are monthly, and repurchases are capped at 2% of NAV per month and 5% per quarter.
Blackstone Secured Lending Fund (BXSL)
Blackstone Secured Lending Fund (BXSL) is the listed business development company of Blackstone. It holds a $13.3 billion portfolio of loans made to 313 private US companies, with 96.8% of the portfolio comprised of first lien senior secured loans and over 96% floating rate as of June 2026. The shares of the fund trade daily on the NYSE and pay a quarterly dividend of $0.77 per share.
This fund profile is verified and managed by Blackstone on Fundscouter