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This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where BlackRock Private Credit Fund (“BDEBT”) is authorized for distribution.
Complete information about investing in shares of BDEBT is available in the prospectus. An investment in BDEBT involves risks.
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BDEBT is a non-traded business development company (BDC) seeking to target attractive risk-adjusted returns produced primarily from current income generated by investing primarily in directly-originated, senior-secured corporate debt investments.
Our seasoned senior team has ~21 years of industry experience and ~18 years of working together. * We seek to identify unique opportunities and apply creative structuring for potentially better investment outcomes.
* Source: BlackRock as of September 2024
BlackRock as of 01/31/2025. YTD total return represents Institutional Class Shares.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than the original cost. All returns show reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance quoted. For complete accounting as of the most recent quarter-end please refer to the 10-Q on the "Resources and Contacts" tab.
Past performance is not necessarily indicative of future results. Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Returns greater than one year are annualized. All returns shown are derived from unaudited financial information and are net of all BDEBT expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Class Institutional does not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BDEBT’s portfolio, which are estimates of fair value and form the basis for BDEBT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.
BlackRock's global credit platform has large, centralized teams focused on sourcing high quality private credit opportunities across all market cycles. As a leader in private credit investing with 24+ years of expertise, we seek to identify value in unique and complex transactions where others cannot.
Unlisted business development companies (BDCs) are SEC-regulated vehicles that seek to offer access to private investments in an efficient fund structure. BDCs were created to provide enhanced access to capital for small and medium-sized companies in the U.S. and provide a wide range of investors the opportunity to invest in potentially high growth private companies.
Email: altshelp@blackrock.com
Advisors. The most successful ones know that to deliver the very best for their clients, they need to stay one step ahead. Or several.
They have to be agile… but consistent… while evolving to meet client demand today, and championing investment and business solutions that will attract the clients of tomorrow.
So you probably already know all about the opportunities and risks surrounding stocks and bonds…and feel that finding consistent returns and potential real yield is tougher than ever.
Volatility, inflation, geopolitical risk - all of it is putting the traditional 60/40 portfolio under pressure.
Which means advisors need to allocate differently to continue delivering for clients.
But what about private markets?
Over the last 30 years, private markets have become more and more essential to pay attention to.
As the number of publicly listed U.S. companies has shrunk, the number of private companies grew. A lot.
Private markets, like private equity and private credit, can help investors pursue higher returns and income over public stocks and bonds.
But …. many investors have been shut out of accessing private investments due to high minimums, suitability requirements, and high fees, but now, that’s changed.
Now… for accredited investors that can tolerate the risk…private markets are easier to access than ever before.
1099 tax reporting, low minimums, quarterly liquidity - these are just some of the features open to investors through accredited investment vehicles.
And best of all, with BlackRock you have a dedicated partner to navigate the world of private markets with.
Together we can help you build better portfolios and become an even more successful future-thinking advisor for your clients.
Find out more by signing into Advisor Center on BlackRock.com.
See why investors may want to consider private markets for investment opportunities outside of stocks and bonds.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit our Corporate Website | Twitter | LinkedIn
1 Source: The Fund expects to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.
2 Source: Subscriptions for our Common Shares must be received in good order by the Fund at least 5 business days prior to the first business day of the month. The Fund commenced operations on 06/01/22. It is expected that, beginning no later than the second quarter of 2023, the Fund will offer to repurchase Shares (through written tender offers) on a quarterly basis of up to 5% of the shares outstanding, subject to the discretion of the Board. However, there can be no assurance that the Fund will repurchase shares on a quarterly basis or at all. Further, if the Fund repurchases shares, there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular quarter. Therefore, Shares of the Fund are appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.
3 Source: BlackRock as of 9/30/24.
4 As of January 31, 2025. Past performance is not necessarily indicative of future results. Represents Institutional Class Shares. Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Returns greater than one year are annualized. All returns shown are derived from unaudited financial information and are net of all BDEBT expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Class Institutional shares do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BDEBT’s portfolio, which are estimates of fair value and form the basis for BDEBT’s NAV.
5 Source: BlackRock as of January 31, 2025. Distribution rate is calculated by annualizing the most recent distribution per share and dividing by the net asset value. Past performance is not necessarily indicative of future results. The distribution rate is net of applicable servicing fees (Class I: no servicing fee). Distributions are not guaranteed and may be funded through sources other than cash flow. As of November 30, 2024, 100 percent of inception to date distributions were funded from cash flows from operations. See BDEBT’s prospectus. Please visit the Resources page for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
6 Source: BlackRock as of January 31, 2025.
7 Management values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in policies adopted by the board of trustees.
8 S&P LCD, Pitchbook LCD as of 12/31/23.
9 NAV as of 01/31/2025
10 Share Class S commenced operations on 6/1/2024. Class S performance without placement fee is calculated by subtracting the annualized servicing fee (0.85% for Class S) from the Institutional Class share performance. Performance with placement fee is then calculated by assuming the maximum upfront placement fee is applied (3.5% for Class S) to the aforementioned shares.
11 Share Class D commenced operations on 8/1/2024. Class D performance without placement fee is calculated by subtracting the annualized servicing fee (0.25% for Class S) from the Institutional Class share performance. Performance with placement fee is then calculated by assuming the maximum upfront placement fee is applied (3.5% for Class S) to the aforementioned shares.
12 Reflects Direct Lending transactions funded between 21 June 2000 and 30 September 2024 across multiple funds and accounts managed by Tennenbaum Capital Partners, LLC (“TCP”) and investment professionals in BlackRock’s U.S. Private Capital group. On 1 August 2018, BlackRock acquired TCP. Certain of the legacy TCP vehicles are dedicated direct lending/performing credit funds and others include both of legacy TCP’s core strategies (including special situations). Investments that were initially “Special Situations” investments are not included. Special Situations are: rescue loans, distressed-for-control, deep value, and structured equity investments.
13 Source: BlackRock as of 30 September 2024, 366 deals reviewed and 45 deals completed across BlackRock's US Direct Lending platform during the period 1 October 2023 to 30 September 2024. Excludes add-ons and refinancings.
14 Source: BlackRock. All figures presented are as of 01/31/2025 unless otherwise indicated. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding. For illustrative purposes only. Subject to change without notice.
15 The Fund may invest up to 100% of its assets in securities acquired directly from issuers in privately negotiated transactions subject to an initial ramp up period.
16 The Fund expects to pay regular monthly distributions, which are expected to commence in the third quarter of 2022. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. Distribution payments are not guaranteed, and BlackRock Private Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements, and has no limits on such amounts it may pay from such sources.
17 The Fund commenced operations on 06/01/22. It is expected that, beginning in the second quarter of 2023, the Fund will offer to repurchase Shares (through written tender offers) on a quarterly basis of up to 5% of the shares outstanding, subject to a portfolio liquidity threshold and at the discretion of the Board. However, there can be no assurance that the Fund will repurchase shares on a quarterly basis or at all. Further, if the Fund repurchases shares, there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular quarter. Shares of the Fund are still considered illiquid and appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.
Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. This and other information about the Fund can be found in the Fund’s current prospectus (the “Prospectus”). The Prospectus should be read carefully before investing. Copies of the Fund's prospectus may be obtained on the SEC EDGAR website.
BlackRock is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of BlackRock's view as to whether a particular credit investment is appropriate for you and meets your financial objectives.
Investing involves risks, including possible loss of principal.
An investment in the Fund involves a high degree of risk and should be considered speculative. You could lose some or all of your investment.
There can be no assurance that the Fund’s investment objective will be achieved or that the Fund’s investment program will be successful.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. To the extent that international investing takes place, international investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.
The Fund does not intend to list its shares on any securities exchange, and the Fund does not expect any secondary market to develop for the shares.
The Fund is designed for long-term investors and an investment in the shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.
Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or by private companies). See “Risk Factors — Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment — Private Investments Risk”, and “Risk Factors — As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments” and “ Determination of Net Asset Value” in the prospectus.
We have limited prior operating history and there is no assurance that we will achieve our investment objective.
This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them.
You should not expect to be able to sell your shares regardless of how we perform.
You should consider that you may not have access to the money you invest for an extended period of time.
We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing.
Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
We intend to implement a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus.
We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds subject to certain limitations imposed under the Omnibus Guidelines, as adopted by the NASAA, and we have no limits on the amounts we may pay from such sources.
Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
We use and continue to expect to use leverage, which will magnify the potential for loss on amounts invested in us.
We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.
We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
An investor may pay a sales load of up to 3.50% and offering expenses of up to 1.50% on the amounts it invests in Class S shares. If you pay the maximum 3.50% sales load and offering expenses of 1.50%, you must experience a total return on your net investment of 5.26% in order to recover these expenses.
An investor may pay a sales load of up to 1.50% and offering expenses of up to 1.50% on the amounts it invests in Class D shares. If you pay the maximum 1.50% sales load and offering expenses of 1.50%, you must experience a total return on your net investment of 3.09% in order to recover these expenses.
Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards including the ‘Regulation Best Interest’ standard to any or all purchasers.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Distributed by BlackRock Capital Investment Advisors, LLC, member FINRA.
© 2025 BlackRock, Inc. All Rights Reserved. BLACKROCK, iSHARES and ALADDIN are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
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