---
title: "BREAKINGVIEWS-Private credit woes come for Larry Fink’s legacy"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278138277.md"
datetime: "2026-03-06T16:30:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278138277.md)
  - [en](https://longbridge.com/en/news/278138277.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278138277.md)
---

# BREAKINGVIEWS-Private credit woes come for Larry Fink’s legacy

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Jonathan Guilford

NEW YORK, March 6 (Reuters Breakingviews) - BlackRock did a string of deals to compete with alternative asset giants, like the $12 bln purchase of lender HPS. Now, two acquired retail funds are in trouble, with the nontraded one gating withdrawals. It’s a worrying sign for Fink’s project and BlackRock’s supposed strengths.

Full view will be published shortly. Follow Jonathan Guilford on X and LinkedIn.

### CONTEXT NEWS

HPS Corporate Lending Fund, a nontraded business development company, said in a letter to investors that it received requests to redeem 9.3% of shares outstanding in the first quarter of 2026. The fund, which runs a continuous tender offer to repurchase up to 5% of shares each quarter, will only serve requests up to that cap, which represents approximately $620 million.

The vehicle, also referred to as HLEND, was acquired by BlackRock as part of its $12 billion purchase of manager HPS Investment Partners, announced in 2024.

HLEND is the first nontraded BDC to report proration of redemption requests above its quarterly cap, according to investment bank RA Stanger.

Separately, BlackRock in 2018 acquired Tannenbaum Capital Partners, which managed listed business development company TCP Capital. Now branded as BlackRock TCP Capital, its shares are down over 28% year-to-date. (Editing by Robert Cyran; Production by Maya Nandhini)

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