Blackstone Inc. limited redemptions from its flagship private credit fund for a second consecutive quarter, signaling persistent pressure in the $1.8 trillion market. The $77 billion Blackstone Private Credit Fund (BCRED) told shareholders it would allow investors to withdraw only half of the 10% requested, matching the prior period's result. BCRED is the largest fund of its kind.

The decision, disclosed in a Thursday filing, offers an early glimpse at the lasting liquidity strains facing the private credit sector.