Redemption requests from Blackstone’s flagship private credit fund, BCRED, have fallen “materially” at the start of the third quarter after a period of elevated withdrawal demand, the firm said today.

“It’s early in the third quarter but the redemptions in BCRED are down materially, which is positive,” Jon Gray, president of Blackstone, told analysts on the firm’s second-quarter earnings call today.

The comments come after investors asked to pull 10 per cent of shares from BCRED in the second quarter, up from 7.9 per cent in the previous quarter. Blackstone agreed to repurchase 5 per cent of shares, the customary threshold for this kind of semi-liquid vehicle.

BCRED is one of the largest non-traded business development companies in the US and is a key product in Blackstone’s private wealth push.

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Blackstone’s second-quarter results showed BCRED had total assets under management of $94.6bn (£70.2bn) as at 30 June 2026, while its net asset value stood at $42.8bn. The private credit strategy delivered a gross return of 6.8 per cent over the 12 months to the end of June.

The firm continued to attract capital into direct lending. Inflows into its global direct lending strategy reached $13.3bn (£9.9bn) during the quarter, including $1bn of equity raised for Blackstone Private Credit Fund, BCRED.

Read more: Private credit faces “growing pains” not crisis as Blackstone caps withdrawals

BCRED, Blackstone’s non-traded business development company, had total assets under management of $94.6bn at the end of June, while its net asset value stood at $42.8bn.

Blackstone also reported $16.6bn of total assets under management for Blackstone Secured Lending Fund, its listed US direct lending fund, although the figure was presented as of 31 March 2026.

Blackstone European Credit Fund, known as ECRED, had total assets under management of €5.2bn (£4.5bn) and a net asset value of €2.6bn at the end of June.

Blackstone said its wider credit and insurance business deployed $12.7bn of capital during the quarter, driven by infrastructure and asset-based credit strategies, as well as global direct lending. The division committed a further $9.7bn during the quarter.

Stephen Schwarzman, chairman and chief executive of Blackstone, said the group had delivered an “outstanding” second quarter, with strong earnings growth and nearly $70bn of inflows.

“Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth,” he said.