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Blackstone is restricting withdrawals from its flagship Blackstone Private Credit (BCRED) fund following a spike in investor redemption requests.

The asset management giant capped investor withdrawals from the $79 billion non-traded business development company at 5% of shares, after redemption requests hit 10%, or about $4.5 billion, during the second quarter.

Shares in Blackstone were up 1.6% in premarket trade Thursday.

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