Blackstone Private Credit Fund (BCRED)
The largest non-traded BDC by AUM — Blackstone's flagship direct lending vehicle. Senior secured loans to upper-middle-market companies, with monthly subscription and quarterly liquidity. Designed for accredited investors seeking floating-rate income.
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Fund type Non-traded BDC
Investor type Accredited
Mgmt fee 1.25%
Incentive fee 12.5% over 5%
Subscription Monthly
Redemption Quarterly, 5% cap
Inception Jan 2021
Custodian Pershing
Strategy
BCRED is Blackstone's flagship private credit vehicle, providing senior secured first-lien loans to upper-middle-market and large-cap private companies (EBITDA $50M+). Floating-rate, primarily SOFR-based, with conservative leverage at the portfolio level. Designed to generate consistent income through credit cycles.
First-Lien Senior Secured · 88%
Top-of-capital-stack senior secured loans. Direct origination to private companies via Blackstone's sponsor network.
Second Lien · 6%
Selective second-lien positions in high-quality borrowers. Higher yield, manageable additional risk.
Unitranche · 4%
Blended single-tranche loans — first-lien risk profile with second-lien yield in select transactions.
Other / Cash · 2%
Operating cash and short-duration treasury. Reserved for redemption requests and pipeline opportunities.
Performance
Net of fees. Annualized. Past performance does not guarantee future results.
0%
5%
10%
15%
20%
PEC
S&P 500
Q3'23 Q4'23 Q1'24 Q2'24
Q3'24 Q4'24 Q1'25 Q2'25
Q3'25 Q4'25 Q1'26
Since inception (ann.)
9.8%
Data Room
All fund documents — tracked access, versioned, audit trail on every download. Direct sync with KKR's investor portal.
Private Placement Memorandum (PPM)
v2.4 · Updated Feb 2026 · 248 pages
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Fund Fact Sheet
Q1 2026 · Updated Apr 2026 · 2 pages
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Q1 2026 Quarterly Report
Latest · Released Apr 28, 2026 · 36 pages
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Subscription Agreement
Pre-populated with client data via Orion CRM
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Form ADV Part 2A
Blackstone Credit BDC Advisors · Updated Mar 2026
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Side Letter Template
For QPs and institutional investors
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Orion DD Notes
From Orion's investment committee review · Q1 2026
Manager pedigree: Blackstone Credit is the world's largest alts credit manager — $295B AUM. BCRED is the flagship wealth-channel vehicle.
Portfolio quality: 600+ borrowers, average EBITDA ~$200M, average loan-to-value 41%. Less than 0.1% non-accrual rate over the last 12 months.
Yield environment: ~95% floating-rate exposure benefits from elevated SOFR. Current portfolio yield 11.2% gross / 9.2% distribution net.
Third-party validation: Cliffwater Recommend, Mercer A-rated. Detailed peer-comparison report available via the Orion DD Hub.
Watch item: Sector concentration in software/services (~30% of portfolio). Floating-rate exposure will compress if SOFR falls below 3%.
Investment Team
BG
Brad Marshall
CEO, BCRED
JK
Jonathan Bock
Co-CEO, BCRED
DS
Carlos Whitaker
CIO, Blackstone Credit
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