BlackRock’s Asia Private Credit Fund Sees China Borrower Default

A BlackRock Inc. private credit fund in Asia has suffered the first default by a borrower in its portfolio after a Chinese company failed to repay a loan, according to people familiar with the matter.

The delinquency occurred on April 1, after Metcold Holdings Ltd., a Shanghai-based cold-chain infrastructure service provider, failed to repay the loan’s outstanding principal of $27.5 million, said the people who requested anonymity discussing private matters. The unpaid interest is around $12 million, they added.