Blackstone Private Credit Fund Raises $410M
The fund continues steady growth with robust leverage and capital-raising activity across public and private offerings.
June 20, 2025
Blackstone Private Credit Fund (BPCF) has released its latest updates, and the numbers show consistent momentum. As of June 1, the Fund sold more than 16.2 million unregistered Class I shares, generating $410 million in gross proceeds. Those shares were part of a private offering, finalized on June 19. The transaction was carried out under exemptions to SEC registration rules, allowing the Fund to raise capital efficiently and keep pace with investor demand.
These shares add to BPCF’s broader fundraising activity, which includes both public and private channels. In total, the Fund has issued over 1.9 billion shares and brought in $49.3 billion in capital. The private offering alone accounts for $20 billion of that total. Public offerings continue alongside, with monthly fundraising efforts still active across Class I, S, and D shares.
Regular Distributions Hold Steady
On June 19, BPCF declared its June distributions across all share classes. Each class will receive a gross distribution of $0.2200 per share. After accounting for servicing and distribution fees:
- Class I investors will receive $0.2200
- Class S investors will receive $0.2021
- Class D investors will receive $0.2147
These distributions are set to go out on or around July 24, to shareholders of record as of June 30. Investors have the option to take the distribution in cash or reinvest it through the Fund’s distribution reinvestment plan.
Net Asset Value and Portfolio Position
As of May 31, the Fund’s NAV per share held steady at $25.21 for all classes. The total net asset value stood at $44.4 billion, supported by an investment portfolio worth approximately $72.3 billion. Debt levels were reported at $29.9 billion on a principal basis, with an average debt-to-equity leverage ratio of 0.68x for the month.
BPCF’s financing strategy draws from a mix of secured and unsecured borrowing. It maintains $39.2 billion in committed debt capacity:
- 89% floating-rate exposure (with 66% of that secured)
- 11% fixed-rate exposure (with 82% of that unsecured)
The Fund accesses capital through a diversified set of sources, including:
- Corporate revolver
- Asset-based credit facilities
- Unsecured bonds
- Short-term secured borrowing
- CLO-related instruments
Offering Status and Forward Activity
BPCF’s continuous public offering is still underway, with a maximum capacity of $45 billion. To date, the Fund has sold:
- 569 million Class I shares, raising $14.5 billion
- 553 million Class S shares, raising $14.1 billion
- 26.5 million Class D shares, raising $0.7 billion
The Fund continues to raise capital monthly through both public and private channels. Share totals and proceeds do not reflect distributions reinvested through the Fund’s plan. With stable inflows and consistent distributions, BPCF remains actively positioned to meet investor needs and pursue portfolio growth.
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