Blackstone capped redemptions at 5% for BCRED in the third quarter after investors requested about 10% of shares, totaling $4.3 billion. The fund, which manages $77.2 billion, said much of the demand came from resubmitted requests from the prior quarter's $2.3 billion backlog and expects recent liquidity seekers to receive about 75% of their capital within 90 days. BCRED cited loan repayments and inflows exceeding buybacks along with strong portfolio performance, but faces persistent pressure from retail investors concerned over lending standards and software firms' adaptation to artificial intelligence. The private credit market stands at $1.8 trillion. BCRED's NAV fell to $23.64 per share by July from $24.68 in January, with annualized returns of 9% since inception outperforming leveraged loans by 3 points and a low non-performing loan ratio. Similar 5% caps applied to Cliffwater Corporate Lending Fund after 16% demand, and listed BDC shares recovered about 10% from lows.