Archive · 9 Aug 2026
Private-Credit Fund Liquidity Varies by How Funds Define It
Private-credit funds are investment funds that lend money to companies.
Investors want to know how quickly they could get their money back, a quality called liquidity.
Different funds measure liquidity in different ways.
Blackstone's private credit fund is called BCRED.
In an April shareholder update, BCRED said it had more than $15 billion of available liquidity.
That number was measured as of March 31.
The fund only counts cash that is free to use and money it can borrow.
It does not count Level 2 assets, which are harder to sell quickly.
Because each fund uses its own rules, comparing their liquidity numbers can be tricky.
Different private-credit funds define liquidity in different ways.
Blackstone Private Credit Fund (BCRED) reported more than $15 billion of available liquidity.
The figure was disclosed in an April shareholder update.
BCRED counts only unrestricted cash and amounts available to borrow.
The fund does not count Level 2 assets in its liquidity figure.
- Who
- Blackstone Private Credit Fund (BCRED)
- What
- Reported more than $15 billion of available liquidity as of March 31 under its own definition of liquidity
- When
- As of March 31, disclosed in an April shareholder update
- Where
- Not specified in the articles
- Why
- To illustrate that private-credit funds measure liquidity differently depending on their policies
- Fund
- Blackstone Private Credit Fund (BCRED)
- Reported available liquidity
- More than $15 billion
- Liquidity measured as of
- March 31
- Disclosed in
- April shareholder update
- Liquidity components
- Unrestricted cash plus amounts available to borrow
- Excluded from liquidity
- Level 2 assets