fundupdate

🟣 BlackRock Private Debt Fund Plans 19% NAV Cut

BlackRock Inc.’s private debt fund — BlackRock TCP Capital Corp. — announced that it expects to mark down its net asset value (NAV) by about 19% after a series of troubled loans hit performance for the quarter ended Dec 31. Management has also waived part of its fees to help ease the impact.

Key Facts:

• NAV cut: ~19% reduction on quarterly valuation due to weaker loan performance.

• Struggling loans: Exposure to e‑commerce aggregators and a troubled home‑improvement company contributed to the markdown and pressure.

• Fee relief: BlackRock waived around one‑third of management fees for the quarter to support investors.

• Shares impact: The fund’s stock fell more than 8% in post‑market trading.

• Private credit context: The broader private credit market has seen increased redemptions and stress, with funds withdrawing billions amid defaults and tighter credit conditions.

Expert Insight:
The markdown highlights the rising risk in private credit markets, especially on illiquid or niche loans, reinforcing the need for investors to scrutinize valuations, underlying credit quality, and fee structures when allocating to private debt strategies.

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