Overview
BlackRock Private Credit Fund reported that during the second quarter of 2026 shareholder requests to sell back shares amounted to roughly 5.3% of the fund's outstanding shares, marking the first time the quarterly request level has exceeded the fund's 5% repurchase framework since the fund opened in June 2022. The fund said it will satisfy repurchase requests only up to its 5% quarterly limit.
Repurchase mechanics and size
Under its established policy, the fund aims to repurchase up to 5% of outstanding shares each quarter to provide periodic liquidity to investors. The 5% framework corresponds to approximately $83 million of shares outstanding as of March 31, 2026. With requests at about 5.3%, the fund will restrict repurchases to the 5% cap rather than meet the full amount requested.
Performance and portfolio composition
Since its launch in June 2022, the fund has delivered a 9.1% annualized total net return for Class I shareholders. That performance is reported as 135 basis points higher than returns on public leveraged loans over the same timeframe. As of April 30, 2026 the portfolio was composed of 99.9% first lien senior secured loans spread across roughly 290 companies operating in more than 45 industries, with a weighted average loan-to-value ratio of 31% for the private portfolio.
Liquidity, leverage and credit metrics
The fund operates with 0.5x leverage and indicates estimated liquidity of about $1.4 billion. That figure includes approximately $775 million of unused debt capacity, more than $460 million of liquid assets, and over $170 million in cash on hand. On a weighted average basis, portfolio companies recorded revenue growth of 12.2% and EBITDA growth of 9.0% over the trailing twelve months ended March 31, 2026, while maintaining interest coverage of 2.4x.
Credit quality and income composition
Loans on non-accrual represented 0.02% of the portfolio at fair market value as of March 31, 2026. Payment-in-kind income made up 1.3% of total income during the first quarter of 2026.
Implications
The fund will adhere to its stated repurchase limit, providing liquidity only up to the 5% quarterly threshold. The data provided by the fund outlines the balance between preserving liquidity, managing leverage and maintaining credit exposure through a portfolio concentrated in first lien senior secured loans.