BlackRock cuts value of private debt fund by 19%, waives fee
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BlackRock TCP Capital, a private debt fund, plans to reduce its net asset value by 19% due to troubled loans, lowering the value per share to between $7.05 and $7.09 for the quarter ending Dec 31, down from $8.71. The fund has faced challenges from e-commerce aggregators and the bankruptcy of Renovo Home Partners. BlackRock has waived one-third of its management fee for the last quarter. Shares fell 8.4% in post-market trading, reflecting investor concerns over private credit returns and regulatory scrutiny.
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