BlackRock partially blocked withdrawals from a $26 billion credit fund

The reason is that investors began to withdraw money en masse from BlackRock's HPS Corporate Lending Fund, which invests in the private lending market.

• Investors submitted requests to withdraw 9.3% of assets.
• Managers allowed only 5% to be withdrawn.
• Instead of ~$1.2 billion, investors will receive about $620 million.

The assets of such funds are long-term corporate loans that cannot be sold quickly without losses.

Amid fears of a possible domino effect, shares of BlackRock and other alternative asset managers fell sharply.