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BUZZ-Alts fall as Blackstone's flagship private credit fund hit by surge in redemptions
Apollo Global Management Inc APO | 104.44 | +4.13% |
Ares Management Corporation ARES | 101.76 | +5.45% |
KKR & Co Inc Class A KKR | 85.93 | +2.44% |
Blue Owl Capital Inc. Class A Common Stock OWL | 8.75 | +1.63% |
Blackstone Inc. BX | 106.78 | +4.56% |
Updates
** Some alternative asset managers slip after surge in redemption requests hit Blackstone's BX.N flagship credit fund, BCRED
** Blackstone BX.N slides 5%, Ares Management ARES.N down 2.5%, KKR KKR.N falls 2%, Blue Owl Capital OWL.N slips 5.4% and Apollo Global Management APO.N down 1.5%
** BCRED Q1 redemptions totaled 7.9%, exceeding 5% of shares typically available for repurchase
** "This was above investor expectations based on our conversations," Barclays analyst Benjamin Budish says; adds it should weigh on shares across alternative asset managers
** Anxiety has climbed in private credit market due to questions about valuations and transparency, while broader credit quality concerns were fanned by two bankruptcies last year
** "Investors redeeming 7.9% from BCRED, obviously a negative headline for a group that can't afford more bad headlines. With investors on edge with respect to private credit flows, the negative headlines will weigh today," Truist Managing Director Brian Finneran says



