BlackRock cuts private credit fund's value by 5% in Q1

BlackRock TCP Capital Corp.

BlackRock TCP Capital Corp.

TCPC

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By Matt Tracy

May 7 (Reuters) - Asset manager BlackRock cut the value of its private credit fund BlackRock TCP Capital Corp TCPC.O in the first quarter, it said Thursday.

BlackRock TCP Capital Corp's net asset value (NAV) per share dropped roughly 5% at fair value to $6.72 in the first quarter, according to its earnings disclosure.

Investors have taken a closer look at the portfolios of private credit funds known as business development companies, as advances in artificial intelligence threaten the business models of companies in the software sector.



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