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Blackstone and BlackRock asset management firms reported declines in their private credit fund values for the first quarter.
Blackstone and BlackRock reported Q1 declines in private credit fund NAVs due to software loan markdowns.
KEY POINTS
- AI-driven concerns about software business models directly contributed to portfolio markdowns and investor scrutiny.
- Around 20% of Blackstone and 27.2% of BlackRock TCP portfolios were in software companies by March-end.
- Blackstone's largest non-accruing loan, Medallia, is restructuring, with planned new capital for AI development.
- BlackRock TCP recorded $32.7 million net realized losses, mainly from troubled software firm Pluralsight.
COMPANIES
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