Redemption demand continued to exceed tender caps at two large private credit funds this week, while BREIT reported its second straight quarter of positive net flows. Blackstone Private Credit Fund and HPS Corporate Lending Fund drew requests of about 10% and 11.4% of shares against 5% caps, and accepted about 49.9% and 43.7% of tendered shares, for about $2.1 billion and $603 million. Though a much smaller scale comparison, Apollo S3 Private Markets Fund fulfilled all of its roughly 1% tender, about $5.0 million. BREIT’s Q3 net flows were its strongest since 2022, and it reported a 2.0% quarterly return while continuing to shift capital toward data centers.

Weekly Liquidity Roundup

Blackstone Private Credit Fund Prorates Q3 Tender

Blackstone Private Credit Fund reported the results of its 3Q tender offer. Shareholders tendered ~10% of shares outstanding, against a 5% cap. The Fund accepted ~49.9% of the shares tendered, at $23.51 per share as of the September 30 valuation date. Payment of $2.1 billion was made in non-interest-bearing, non-transferable promissory notes issued to the shareholders whose tenders were accepted. Source: Form SC TO-I/A Nov 2, 2026

HPS Corporate Lending Fund Prorates Q3 Tender

HPS Corporate Lending Fund reported the results of its third-quarter tender offer. Shareholders tendered ~11.4% (or $1.4B) of shares outstanding, against 5% cap. The Fund accepted ~43.7% of the shares tendered, at a NAV of $24.45 per share as of September 30. Payment of $603 million was made in non-interest-bearing, non-transferable promissory notes. Source: Form SC TO-I/A Nov 2, 2026

Blackstone Real Estate Income Trust Reports Positive Net Flows in Q3 and a 2.0% Quarterly Return

In their latest Q3 update, Blackstone Real Estate Income Trust (BREIT) reported a 2.0% Class I return for the quarter, bringing it to 7.3% year to date and 10.7% over the trailing twelve months, with 21 consecutive months of positive performance. The update also noted that Q3 was its second consecutive quarter of positive net flows, meaning subscriptions exceeded repurchase requests, and its strongest quarter since 2022. Year-to-date subscriptions are up about 40% from a year earlier, including money from its new DST exchange program.

BREIT sold ~$7 billion of non-core assets this year, including its remaining self-storage and manufactured housing portfolios, and redeployed the proceeds toward data centers and industrial. It put another $3.4 billion into pre-leased data center developments in Q3, over $9 billion year to date. Its QTS holding is 29.0% of real estate asset value, making data centers the largest concentration. Source: Form 8-K Nov 5, 2026

Apollo S3 Private Markets Fund Fulfills 100% of 3Q26 Tender

Apollo S3 Private Markets Fund reported the results of its third-quarter tender offer. Shareholders tendered ~1% of shares outstanding, and the Fund accepted all of them. The price was $32.32 per share as of the September 30 valuation date, for a total of ~$5.0 million. Payment was made in non-interest-bearing, non-transferable promissory notes. Source: Form SC TO-I/A Nov 2, 2026

Open Redemption Windows

• Blackstone Private Credit Fund | Requests due: Dec 1, 2026

• StepStone Private Venture & Growth Fund | Requests due: Nov 25, 2026

• Cliffwater Corporate Lending Fund | Requests due: Dec 1, 2026

• AMG Pantheon Fund | Requests due: Dec 8, 2026

Recent Redemption Results

• Jefferies Credit Partners BDC | $7.8M tendered, $7.8M repurchased (0.91% of NAV vs 5% cap)