BlackRock Cuts Value of Private Debt Fund by 19%, Waives Fee

A BlackRock Inc. private debt fund expects to mark down the net value of its assets 19% after a string of troubled loans weighed on results, marking the latest sign of pressure in the private credit market.

BlackRock TCP Capital Corp., a publicly traded middle-market lending fund, expects to cut its net asset value per share to between $7.05 and $7.09 for the quarter ended Dec. 31, according to a regulatory filing. That compares to $8.71 as of Sept. 30.