NEW YORK, Dec 6 Reuters Blackstone Inc said redemptions from its 50 billion nontraded business development company reached its preset limit for the first time but investors were still allowed to cash out on their investments.

This is the first time redemption requests had reached the preset limit of 5 since Blackstone launched the product in January last year. It also comes after Blackstone announced last Thursday that it would curb withdrawals from its 69 billion unlisted real estate income trust REIT following a surge in redemption requests.

Blackstone Private Credit Fund BCRED received withdrawal requests from its investors that were about 5 of the fund39;s outstanding shares in the fourth quarter that ended on Nov. 30, according to a regulatory filing.

Blackstone said all redemption requests made to BCRED will be honored and that the fund has 8 billion of immediate liquidity.

BCRED is well positioned with 100 floating rate and 94 senior secured loans and zero payment defaults, a Blackstone spokesperson said in a statement.

We saw net positive flows this quarter as investors sought compelling yields in highquality assets with little volatility.

Reporting by Chibuike Oguh in New York; Editing by Stephen Coates

Source Reuters