A publicly listed private credit vehicle managed by Blackstone has flagged continued stress in one of its largest holdings, marking down its exposure to software company Medallia, according to a report by Bloomberg.
The Blackstone Secured Lending Fund has reduced the value of its loan to Medallia to around 78 cents on the dollar, down from 87 cents in June, implying a more than 70% cut to the company’s set-up enterprise value. Blackstone said the weaker performance reflected execution issues at...
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