Blackstone’s Gray defends world’s largest private credit fund
CNBC: Blackstone’s President Jon Gray defends quality of loans in firm’s flagship private credit fund as investors withdraw nearly 8% in the last quarter.
Blackstone President Jon Gray recently addressed concerns surrounding the quality of loans in the firm’s largest private credit fund, BCRED, which saw investors withdraw almost 8% in the last quarter. Despite the sell-off in Blackstone shares, Gray emphasized the 10% EBITDA growth of the fund’s 400-plus borrowers, stating confidence in the fund’s performance. The move to allow investors to cash out has added to market jitters around private credit, with concerns broadening as other asset managers face similar challenges. Gray highlighted a history of market noise and investor nervousness amid recent collapses in the sector, reaffirming Blackstone’s commitment to meeting investor requests and delivering strong returns.
