Net investment income fell to $0.48 per share in the fourth quarter, down from $0.57 in the prior quarter. The fund also reduced the valuation of certain assets, reflecting a broader repricing across parts of the private credit market. The bond, issued by Blackstone Secured Lending Fund, will use proceeds for general corporate purposes. Initial price discussions were around 2.25 percentage points above Treasuries, before tightening to 2 percentage points. The transaction comes one day after the fund disclosed further markdowns in one of its largest holdings, a loan to software company Medallia, which is backed by Thoma Bravo. Blackstone reduced the loan's valuation to approximately 78 cents on the dollar, down from 87 cents last June. The vehicle marks Novacap's largest fund to date and brings total assets under management to more than $12bn. The raise comes amid a challenging global fundraising backdrop, underscoring continued LP appetite for sector-specialist technology buyout...
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