BCRED Chief Operating Officer Katherine Rubenstein Departs Amid Redemption Pressure
By Staff
Blackstone Private Credit Fund’s chief operating officer, Katherine Rubenstein, departed the nontraded business development company this week, Blackstone Credit & Insurance disclosed.
The departure was not the result of any disagreement relating to Blackstone or the fund’s operations, policies, or practices, the company said. Rubenstein is leaving to pursue other opportunities.
BCRED, which manages approximately $45.0 billion in aggregate net asset value across its share classes as of March 31, has faced mounting redemption pressure heading into the second quarter. AltsWire reported earlier this month that Q2 redemption requests reached approximately 10% of shares outstanding – above the fund’s 5% quarterly repurchase cap – with BCRED holding the cap at 5% and fulfilling on a pro rata basis. The Q2 stance follows a Q1 in which the board upsized the cap to 7% to fulfill 100% of a then-record 7.9% in demand, backstopped by $400 million invested into a BCRED feeder fund by Blackstone and its employees.
The fund’s net asset value per share stood at $24.19 as of March 31, 2026, the company reported. That marks the third consecutive quarter in which NAV per share has declined. The fund carried approximately $80.5 billion in fair value of investments and $35.3 billion in outstanding debt as of the same date, with an average debt-to-equity leverage ratio of approximately 0.76 times.
No interim or permanent replacement for Rubenstein was named.
Editor’s note: An earlier version of this story misstated the level of BCRED’s Q2 redemption requests and described Q2 as the second consecutive quarter of proration. Q2 repurchase requests were approximately 10% of shares outstanding, and Q2 is the first quarter in which BCRED has prorated – Q1 demand of 7.9% was fulfilled in full after the board upsized the cap to 7%, backstopped by $400 million in new capital from Blackstone and its employees. AltsWire regrets the errors.
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