BlackRock Seeks Extension for Asia Private Credit Fund Amidst Market Complications

BlackRock is seeking a 12-month extension for its Asia Pacific Private Credit Opportunities Fund II, citing the departure of its former head of Asia Pacific private credit, Celia Yan. The firm is also revising the "key person" language in the fund's documents. The extension is aimed at deploying outstanding capital, which accounts for about 40% of the portfolio. The fund has made 19 investments, nine of which have been repaid, generating gross returns of around 16%.