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BlackRock cuts private credit fund's value by 5% in Q1

BY Reuters | CORPORATE | 05/07/26 10:03 AM EDT

By Matt Tracy

May 7 (Reuters) - Asset manager BlackRock cut the value of its private credit fund BlackRock TCP Capital Corp (TCPC) in the first quarter, it said Thursday.

BlackRock TCP Capital Corp's (TCPC) net asset value (NAV) per share dropped roughly 5% at fair value to $6.72 in the first quarter, according to its earnings disclosure.

Investors have taken a closer look at the portfolios of private credit funds known as business development companies, as advances in artificial intelligence threaten the business models of companies in the software sector. (Reporting by Matt Tracy)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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