While the number of defaults has been low, investors have been lining up to exit semiliquid private funds like Blackstone Private Credit, known as BCRED, and BlackRock’s HPS Corporate Lending fund. Publicly traded business development companies, or BDCs, which hold similar loans, are down an average of 10% this year and recently traded at an average discount of 25% from their year-end portfolio values, according to Raymond James.
