Blackstone Private Credit Fund
- Company typePrivate
- Founded2021
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2C
- OfferingServices
Blackstone Private Credit Fund firmographics
Firmographics- Name
- Blackstone Private Credit Fund
- Legal name
- Blackstone Private Credit Fund
- Website
- https://bcred.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Ownership category
- akta.pro rank
Blackstone Private Credit Fund industry classification
Industry- Product category
- Private Credit / Business Development Company (BDC)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Private Credit / Direct Lending (FSAAAHAG)
- akta.pro secondary industry
- BDC / Public Vehicle Venture Debt Providers (FSANAIAC)
Keywords
Where Blackstone Private Credit Fund is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Blackstone Private Credit Fund business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: 1.25% per annum on NAV charged to investors for portfolio management services
- Incentive Fees - Net Investment Income: 12.5% of net investment income subject to 5% hurdle rate and catch-up, paid quarterly
- Incentive Fees - Realized Gains: 12.5% of realized gains net of realized and unrealized losses
- Distribution/Servicing Fees: Class D: 0.25% per annum; Class S: 0.85% per annum, payable monthly
- Upfront Placement Fees: Class D: up to 1.5%; Class S: up to 3.5% of NAV charged at subscription
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Class I: Institutional/fiduciary accounts - No upfront fees, no servicing fee |
| Subscription | Monthly | Class D: Fee-based programs - Up to 1.5% upfront placement fee, 0.25% servicing fee |
| Subscription | Monthly | Class S: Transactional/brokerage accounts - Up to 3.5% upfront placement fee, 0.85% servicing fee |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Blackstone Private Credit Fund product offering
Product offeringCore offering
Blackstone Private Credit Fund (BCRED) is a non-traded business development company (BDC) that provides income-focused investors access to institutional-quality private credit through floating-rate, senior secured loans to large, performing U.S. companies. The fund is offered in three share classes (Class I, D, and S) differentiated by minimum investment, fee structure, and distribution channel, all investing in a single underlying portfolio of first-lien senior secured loans managed by Blackstone Credit & Insurance (BXCI).
Product overview
Blackstone Private Credit Fund (BCRED) is a single, unified non-traded business development company (BDC) structured as a perpetually-offered investment vehicle. The fund provides access to Blackstone Credit & Insurance's private credit strategy focused on senior secured loans to large performing companies. BCRED operates as one core product differentiated into three share classes (Class I, Class D, and Class S) that share the same underlying investment portfolio and strategy but differ in fee structures, minimum investment requirements, and distribution channel availability. All share classes invest in the same pool of US senior secured private loans with 97% senior secured debt exposure and 96% floating rate debt. The fund offers monthly subscriptions, monthly distributions, and quarterly liquidity through a share repurchase program capped at 5% of outstanding shares per quarter.
Differentiator
Problem solved
Functional benefit
Products and services
- Blackstone Private Credit Fund (BCRED) A non-traded business development company (BDC) that provides institutional-quality private credit access to income-focused investors through floating-rate, senior secured loans to large performing companies in historically resilient sectors. Operates as a single underlying portfolio with monthly subscriptions at NAV and quarterly tender-offer liquidity capped at 5% of shares outstanding.
- BCRED Class I Shares Institutional/fiduciary share class available through fee-based wrap programs, RIAs, and institutional accounts. $1,000,000 minimum initial investment, no upfront placement fees, no distribution/servicing fee, 7.07% total annual expenses (2.82% excluding interest), and 10.0% annualized distribution rate as of June 2026.
- BCRED Class D Shares Fee-based/wrap program share class for use through fee-based programs and RIAs. $2,500 minimum initial investment, up to 1.5% upfront placement fee, 0.25% per annum distribution/servicing fee, 7.92% total annual expenses (3.67% excluding interest), and 9.8% annualized distribution rate as of May 2026.
- BCRED Class S Shares Transactional/brokerage share class available through brokerage accounts. $2,500 minimum initial investment, up to 3.5% upfront placement fee, 0.85% per annum distribution/servicing fee, 7.32% total annual expenses (3.07% excluding interest), and 9.2% annualized distribution rate as of May 2026.
Quantifiable outcome
- 9.2% annualized ITD total return since January 2021 (Class I)
- +6 more outcomes
Companies that use Blackstone Private Credit Fund
Customer profileNamed customers15 records
Segments3 records
Ideal customer profiles4 records
Blackstone Private Credit Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Blackstone Private Credit Fund partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Park Place TechnologiescoreIn 2024, BXCI led a $2B financing for Park Place, a leading third-party maintenance services provider for data centers. In 2025, BXCI co-led another large senior secured financing to support the company's acquisition. Park Place has benefited from BXCI's Value Creation Program with introductions to other portfolio companies, with 80 Blackstone portfolio companies using Park Place as a preferred provider. Underwritten yield was 11% with LTV on senior secured facility under 50%.
Scale indicators20 records
Recent moves6 records
Expansion highlights6 records
Blackstone Private Credit Fund competitors and assessment
Company assessmentBroad incumbents
- Blue Owl Capital Corp (OBDC): Major publicly traded BDC formed from Owl Rock Capital combination. Focuses on direct lending to upper middle-market companies with similar senior secured floating-rate loan strategy as BCRED.
- Ares Capital Corp: Largest publicly traded BDC with ~$22B in assets under management. Operates similar first-lien senior secured direct lending strategy to upper middle-market companies, making it the most comparable public-market competitor to BCRED's strategy.
- FS KKR Capital Corp: Large publicly traded BDC sponsored by KKR and FS Investments. Provides senior secured loans to large-cap U.S. companies with similar sponsor-backed focus and conservative underwriting philosophy as BCRED.
- Main Street Capital: Largest internally managed BDC providing senior debt and equity capital to lower middle-market companies. Comparable in direct lending focus though targeting smaller companies than BCRED's $274M average EBITDA borrowers.
Direct peers
- Cliffwater Corporate Lending Fund: Non-traded interval fund providing senior secured first-lien loans to U.S. middle-market companies. Closely comparable to BCRED in structure (non-traded, NAV subscription, quarterly tender) and senior-secured direct lending strategy.
- Sixth Street Specialty Lending: Public BDC managed by Sixth Street providing senior secured loans to middle-market companies. Overlaps BCRED's strategy in floating-rate senior secured direct lending with similar sponsor-backed focus and covenant-protected underwriting.
- Carlyle Credit Income Fund: Non-traded closed-end interval fund managed by Carlyle Global Credit targeting senior secured loans to U.S. middle-market companies. Closest non-traded peer to BCRED's structure with similar monthly subscription and quarterly tender mechanics.
- Bain Capital Specialty Finance: Externally managed BDC sponsored by Bain Capital Credit providing senior secured loans to middle-market companies. Similar direct lending strategy and floating-rate senior secured portfolio construction as BCRED.
- Blackstone Secured Lending Fund (BXSL): Blackstone's publicly traded BDC, also sub-advised by Blackstone Credit BDC Advisors LLC. Shares same investment strategy and management team as BCRED but offers public market liquidity and exchange listing rather than monthly subscription at NAV.
- Golub Capital BDC: Externally managed BDC focused on senior secured one-stop loans to middle-market and upper middle-market companies. Operates similar direct lending strategy with comparable sponsor-backed exposure and conservative LTV positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights8 records
Customer concentration
Blackstone Private Credit Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Blackstone Private Credit Fund leadership team
Management profileNumber of profiles
Profiles15 records
Blackstone Private Credit Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Blackstone Private Credit Fund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Blackstone Private Credit Fund
What does Blackstone Private Credit Fund do?
Blackstone Private Credit Fund (BCRED) is a non-traded business development company (BDC) that provides income-focused investors access to institutional-quality private credit through floating-rate, senior secured loans to large, performing U.S. companies. The fund is offered in three share classes (Class I, D, and S) differentiated by minimum investment, fee structure, and distribution channel, all investing in a single underlying portfolio of first-lien senior secured loans managed by Blackstone Credit & Insurance (BXCI).
Is Blackstone Private Credit Fund a public or private company?
Blackstone Private Credit Fund is a private company. It is classified as corporate owned and is currently operating.
When was Blackstone Private Credit Fund founded?
Blackstone Private Credit Fund was founded in 2021.
Where is Blackstone Private Credit Fund based?
Blackstone Private Credit Fund is headquartered in New York, United States, in the North America region.
How does Blackstone Private Credit Fund make money?
Five revenue lines are on record. Management Fees are the primary driver. The others are incentive Fees - Net Investment Income, incentive Fees - Realized Gains, distribution/Servicing Fees and upfront Placement Fees.
Who are Blackstone Private Credit Fund's main competitors?
Broad incumbents on record are Blue Owl Capital Corp (OBDC), Ares Capital Corp, FS KKR Capital Corp and Main Street Capital. Direct peers are Cliffwater Corporate Lending Fund, Sixth Street Specialty Lending, Carlyle Credit Income Fund, Bain Capital Specialty Finance, Blackstone Secured Lending Fund (BXSL) and Golub Capital BDC.
Does Blackstone Private Credit Fund have an API?
No public API is recorded for Blackstone Private Credit Fund.
What industry is Blackstone Private Credit Fund in?
Blackstone Private Credit Fund's product category is Private Credit / Business Development Company (BDC). Its primary akta.pro industry code is FSAAAHAG, Private Credit / Direct Lending, with a secondary code of FSANAIAC, BDC / Public Vehicle Venture Debt Providers. Its SIC code is 6159.